<p>HEICO Corporation（(HEI)）已召开其第四季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<p>HEICO Corporation 最新的财报电话会议描绘了一幅明显乐观的图景，管理层强调几乎所有主要财务指标均创下纪录。净收入、销售额、营业收入和现金流均达到新高，强化了广泛强劲的叙述。尽管某些费用对某一部门的利润率造成了压力，但整体基调依然自信和乐观，得益于强劲的需求、出色的执行力以及长期以来对股东回报的承诺。</p>
<h2>记录的净收入凸显盈利势头</h2>
<p>HEICO 报告称，2025 财年第四季度合并净收入跃升 35%，达到创纪录的 1.883 亿美元，较去年同期的 1.397 亿美元有所增长。每股摊薄收益从 0.99 美元上升至 1.33 美元，表明公司不仅在增长，而且在每股基础上实现了高效增长。这一利润增长水平表明强劲的运营杠杆，并使公司在寻求持续盈利势头的投资者眼中处于有利位置。</p>
<h2>营业收入和销售额创下新高</h2>
<p>该公司还公布了创纪录的合并营业收入和净销售额，分别较去年同期增长 28% 和 19%。这些增长表明 HEICO 受益于健康的终端市场需求和有效的成本管理。销售的两位数增长与更快的营业收入扩张的结合，突显了业务规模和生产力的提升。</p>
<h2>飞行支持集团表现突出</h2>
<p>HEICO 的飞行支持集团引领了增长，创下了净销售额和营业收入的季度新纪录。与 2024 财年同季度相比，销售额增长 21%，营业收入激增 30%。收入与利润增长之间的差距表明该部门的利润率扩张，可能是由于强劲的售后需求、更高的销量和运营效率。飞行支持集团的表现凸显了 HEICO 在商业和国防航空市场持续强劲的杠杆作用。</p>
<h2>电子技术集团延续增长势头</h2>
<p>电子技术集团也创下了历史最高的季度净销售额和营业收入，销售额同比增长 14%，营业收入增长 10%。这些结果表明 HEICO 的电子元件和子系统在航空航天、国防和其他专业市场仍然需求旺盛。尽管面临一些成本压力，该集团能够创下新的利润和收入纪录，进一步巩固了其作为公司关键增长引擎的角色。</p>
<h2>强劲的现金流和持续的分红信号财务实力</h2>
<p>来自经营活动的现金流在本季度激增 44%，达到 2.953 亿美元，突显了 HEICO 商业模式强大的现金生成能力。这一健康的现金流支撑了公司持续的股东回报，包括每股 0.12 美元的分红声明。值得注意的是，这标志着连续第 95 次分红，强化了管理层对长期向股东回报资本的关注，同时仍在资助增长计划。</p>
<h2>净债务与 EBITDA 比率改善</h2>
<p>HEICO 进一步加强了其资产负债表，截至 2025 年 10 月 31 日，净债务与 EBITDA 比率改善至 1.60，较去年同期的 2.06 有所下降。这一较低的杠杆水平使公司在追求收购、投资有机增长和抵御潜在市场波动方面拥有更多灵活性。对于投资者而言，降低的债务负担结合上升的 EBITDA，表明了更具韧性的财务状况和未来战略行动的额外能力。</p>
<h2>较高的 SG&amp;A 对电子技术集团造成压力</h2>
<p>尽管业绩创下纪录，管理层承认较高的销售、一般和行政（SG&amp;A）费用抑制了电子技术集团的利润增长。这一增长主要与较高的股权激励相关。虽然这对短期营业收入增长造成了压力，但也反映了对人才和激励措施的投资，旨在支持长期表现。投资者可能会将其视为在其他强劲基本面下的可控阻力。</p>
<h2>电子技术集团的利润率压力</h2>
<p>电子技术集团的营业利润率在 2025 财年第四季度降至 23.3%，较去年同期的 24.3% 有所下降，管理层再次指出较高的 SG&amp;A 是主要因素。尽管利润率的下降幅度较小，但与公司其他地方的利润率扩张形成了对比。未来的关键问题将是 HEICO 能否通过进一步的规模、定价和效率提升来抵消这些成本压力，同时保持该集团强劲的增长轨迹。</p>
<h2>前景：有机扩张和收购驱动的持续增长</h2>
<p>展望 2026 财年，HEICO 对维持其增长轨迹表示信心。公司预计将继续扩张，主要由有机增长和进一步收购推动。2025 财年完成了五项收购，最近又宣布了两项预计将对盈利产生积极影响的交易。管理层强调其将继续关注股东价值，得益于上升的 EBITDA、更健康的杠杆水平和强劲的现金生成。这表明公司正在实施以有纪律的并购为基础的持续增长战略，叠加在稳固的核心业务增长之上。</p>
<p>总之，HEICO 的财报电话会议展示了一家多方面蓬勃发展的公司——创纪录的净收入、销售额、营业收入和现金流，同时资产负债表更为强劲，且持续分红已久。尽管更高的销售和管理费用在电子技术集团造成了一定的利润压力，但整体基调依然相当积极。对于关注航空航天和电子领域的投资者而言，HEICO 强劲的当前表现和自信的增长前景将可能使其股票保持在他们的关注名单上。</p>

HEI.A

<p>HEICO 公司报告了创纪录的第四季度收益，净收入增长 35%，达到 1.883 亿美元，每股收益上升至 1.33 美元。营业收入和销售额也创下新高，得益于强劲的需求和有效的成本管理。飞行支持集团和电子技术集团均表现突出。现金流激增 44%，公司宣布了连续第 95 次分红。尽管电子技术集团的销售和管理费用上升影响了利润率，HEICO 仍对 2026 财年的增长轨迹充满信心，预计将通过有机扩张和收购推动增长</p>

<p>HEICO Corporation ((HEI)) has held its Q4 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>HEICO Corporation（(HEI)）已召开其第四季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>Claim 70% Off TipRanks This Holiday Season</h3>
<div class="lb-trans"><h3>在这个假期季节，TipRanks 享受 70% 的折扣</h3>
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<li>Unlock hedge-fund level data and powerful investing tools for smarter, sharper decisions</li>
<li>Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential</li>
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<div class="lb-trans"><ul>
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<li>通过最新的新闻和分析保持市场领先，最大化您的投资组合潜力</li>
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</div><p>HEICO Corporation’s latest earnings call painted a distinctly upbeat picture, with management highlighting record results across virtually every major financial metric. Net income, sales, operating income, and cash flow all reached new highs, reinforcing a narrative of broad-based strength. While certain expenses weighed on margins in one segment, the overall tone was confident and optimistic, underpinned by robust demand, strong execution, and a long-running commitment to shareholder returns.</p>
<div class="lb-trans"><p>HEICO Corporation 最新的财报电话会议描绘了一幅明显乐观的图景，管理层强调几乎所有主要财务指标均创下纪录。净收入、销售额、营业收入和现金流均达到新高，强化了广泛强劲的叙述。尽管某些费用对某一部门的利润率造成了压力，但整体基调依然自信和乐观，得益于强劲的需求、出色的执行力以及长期以来对股东回报的承诺。</p>
</div><h2>Record Net Income Underscores Earnings Momentum</h2>
<div class="lb-trans"><h2>记录的净收入凸显盈利势头</h2>
</div><p>HEICO reported a 35% jump in consolidated net income to a record $188.3 million in the fourth quarter of fiscal 2025, up from $139.7 million a year earlier. Earnings per diluted share climbed to $1.33 from $0.99, signaling that the company is not only growing but doing so efficiently on a per-share basis. This level of profit growth suggests strong operational leverage and positions the company favorably in the eyes of investors seeking sustained earnings momentum.</p>
<div class="lb-trans"><p>HEICO 报告称，2025 财年第四季度合并净收入跃升 35%，达到创纪录的 1.883 亿美元，较去年同期的 1.397 亿美元有所增长。每股摊薄收益从 0.99 美元上升至 1.33 美元，表明公司不仅在增长，而且在每股基础上实现了高效增长。这一利润增长水平表明强劲的运营杠杆，并使公司在寻求持续盈利势头的投资者眼中处于有利位置。</p>
</div><h2>Operating Income and Sales Hit New Highs</h2>
<div class="lb-trans"><h2>营业收入和销售额创下新高</h2>
</div><p>The company also posted record consolidated operating income and net sales for the quarter, increasing 28% and 19%, respectively, versus the prior-year period. These gains indicate that HEICO is benefiting from healthy end-market demand and effective cost management. The combination of double-digit sales growth and even faster operating income expansion highlights improving scale and productivity across the business.</p>
<div class="lb-trans"><p>该公司还公布了创纪录的合并营业收入和净销售额，分别较去年同期增长 28% 和 19%。这些增长表明 HEICO 受益于健康的终端市场需求和有效的成本管理。销售的两位数增长与更快的营业收入扩张的结合，突显了业务规模和生产力的提升。</p>
</div><h2>Flight Support Group Delivers Standout Performance</h2>
<div class="lb-trans"><h2>飞行支持集团表现突出</h2>
</div><p>HEICO’s Flight Support Group led the charge, setting new quarterly records for both net sales and operating income. Sales increased 21% while operating income surged 30% compared with the same quarter in fiscal 2024. This gap between revenue and profit growth points to margin expansion in the segment, likely driven by strong aftermarket demand, higher volumes, and efficiencies in operations. The Flight Support Group’s performance underscores HEICO’s leverage to continued strength in commercial and defense aviation markets.</p>
<div class="lb-trans"><p>HEICO 的飞行支持集团引领了增长，创下了净销售额和营业收入的季度新纪录。与 2024 财年同季度相比，销售额增长 21%，营业收入激增 30%。收入与利润增长之间的差距表明该部门的利润率扩张，可能是由于强劲的售后需求、更高的销量和运营效率。飞行支持集团的表现凸显了 HEICO 在商业和国防航空市场持续强劲的杠杆作用。</p>
</div><h2>Electronic Technologies Group Extends Growth Streak</h2>
<div class="lb-trans"><h2>电子技术集团延续增长势头</h2>
</div><p>The Electronic Technologies Group also delivered record all-time quarterly net sales and operating income, with sales up 14% and operating income up 10% year over year. These results show that HEICO’s electronic components and subsystems remain in high demand across aerospace, defense, and other specialized markets. Even with some cost headwinds, the group’s ability to set new profit and revenue records reinforces its role as a key growth engine within the company.</p>
<div class="lb-trans"><p>电子技术集团也创下了历史最高的季度净销售额和营业收入，销售额同比增长 14%，营业收入增长 10%。这些结果表明 HEICO 的电子元件和子系统在航空航天、国防和其他专业市场仍然需求旺盛。尽管面临一些成本压力，该集团能够创下新的利润和收入纪录，进一步巩固了其作为公司关键增长引擎的角色。</p>
</div><h2>Robust Cash Flow and Ongoing Dividends Signal Financial Strength</h2>
<div class="lb-trans"><h2>强劲的现金流和持续的分红信号财务实力</h2>
</div><p>Cash flow from operating activities surged 44% to $295.3 million in the quarter, highlighting the strong cash-generating power of HEICO’s business model. This healthy cash flow underpins the company’s continued shareholder returns, including the declaration of a $0.12 per share dividend. Notably, this marks the 95th consecutive dividend, reinforcing management’s long-term focus on returning capital to shareholders while still funding growth initiatives.</p>
<div class="lb-trans"><p>来自经营活动的现金流在本季度激增 44%，达到 2.953 亿美元，突显了 HEICO 商业模式强大的现金生成能力。这一健康的现金流支撑了公司持续的股东回报，包括每股 0.12 美元的分红声明。值得注意的是，这标志着连续第 95 次分红，强化了管理层对长期向股东回报资本的关注，同时仍在资助增长计划。</p>
</div><h2>Improved Leverage with Lower Net Debt-to-EBITDA</h2>
<div class="lb-trans"><h2>净债务与 EBITDA 比率改善</h2>
</div><p>HEICO further strengthened its balance sheet, improving its net debt-to-EBITDA ratio to 1.60 as of October 31, 2025, down from 2.06 a year earlier. This lower leverage gives the company more flexibility to pursue acquisitions, invest in organic growth, and withstand potential market volatility. For investors, a reduced debt load combined with rising EBITDA signals a more resilient financial profile and additional capacity for future strategic moves.</p>
<div class="lb-trans"><p>HEICO 进一步加强了其资产负债表，截至 2025 年 10 月 31 日，净债务与 EBITDA 比率改善至 1.60，较去年同期的 2.06 有所下降。这一较低的杠杆水平使公司在追求收购、投资有机增长和抵御潜在市场波动方面拥有更多灵活性。对于投资者而言，降低的债务负担结合上升的 EBITDA，表明了更具韧性的财务状况和未来战略行动的额外能力。</p>
</div><h2>Higher SG&amp;A Weighs on Electronic Technologies Group</h2>
<div class="lb-trans"><h2>较高的 SG&amp;A 对电子技术集团造成压力</h2>
</div><p>Despite record results, management acknowledged that higher selling, general, and administrative (SG&amp;A) expenses tempered profit growth in the Electronic Technologies Group. The increase was mainly tied to higher share-based compensation. While this pressured short-term operating income growth, it also reflects investments in talent and incentives intended to support longer-term performance. Investors may view this as a manageable headwind amid otherwise strong fundamentals.</p>
<div class="lb-trans"><p>尽管业绩创下纪录，管理层承认较高的销售、一般和行政（SG&amp;A）费用抑制了电子技术集团的利润增长。这一增长主要与较高的股权激励相关。虽然这对短期营业收入增长造成了压力，但也反映了对人才和激励措施的投资，旨在支持长期表现。投资者可能会将其视为在其他强劲基本面下的可控阻力。</p>
</div><h2>Margin Pressure in Electronic Technologies Group</h2>
<div class="lb-trans"><h2>电子技术集团的利润率压力</h2>
</div><p>Operating margin in the Electronic Technologies Group slipped to 23.3% in the fourth quarter of fiscal 2025 from 24.3% a year earlier, with management again pointing to elevated SG&amp;A as the primary factor. Although the margin decline is modest, it stands in contrast to the broader margin expansion seen elsewhere in the company. The key question going forward will be whether HEICO can offset these cost pressures through further scale, pricing, and efficiency gains while maintaining the group’s strong growth trajectory.</p>
<div class="lb-trans"><p>电子技术集团的营业利润率在 2025 财年第四季度降至 23.3%，较去年同期的 24.3% 有所下降，管理层再次指出较高的 SG&amp;A 是主要因素。尽管利润率的下降幅度较小，但与公司其他地方的利润率扩张形成了对比。未来的关键问题将是 HEICO 能否通过进一步的规模、定价和效率提升来抵消这些成本压力，同时保持该集团强劲的增长轨迹。</p>
</div><h2>Outlook: Continued Growth Driven by Organic Expansion and Acquisitions</h2>
<div class="lb-trans"><h2>前景：有机扩张和收购驱动的持续增长</h2>
</div><p>Looking ahead to fiscal 2026, HEICO signaled confidence in sustaining its growth trajectory. The company expects continued expansion driven by a combination of organic growth and further acquisitions. Fiscal 2025 saw five completed acquisitions, with two additional deals recently announced and expected to be accretive to earnings. Management emphasized its intention to keep focusing on shareholder value, supported by rising EBITDA, a healthier leverage position, and strong cash generation. This suggests an ongoing strategy of disciplined M&amp;A layered on top of solid core business growth.</p>
<div class="lb-trans"><p>展望 2026 财年，HEICO 对维持其增长轨迹表示信心。公司预计将继续扩张，主要由有机增长和进一步收购推动。2025 财年完成了五项收购，最近又宣布了两项预计将对盈利产生积极影响的交易。管理层强调其将继续关注股东价值，得益于上升的 EBITDA、更健康的杠杆水平和强劲的现金生成。这表明公司正在实施以有纪律的并购为基础的持续增长战略，叠加在稳固的核心业务增长之上。</p>
</div><p>In summary, HEICO’s earnings call showcased a company firing on multiple cylinders—record net income, sales, operating income, and cash flow, alongside a stronger balance sheet and a long-running dividend streak. While higher SG&amp;A has created some margin pressure in the Electronic Technologies Group, the overall tone remained decidedly positive. For investors tracking the aerospace and electronics space, HEICO’s combination of robust current performance and confident growth outlook will likely keep the stock on their radar.</p>
<div class="lb-trans"><p>总之，HEICO 的财报电话会议展示了一家多方面蓬勃发展的公司——创纪录的净收入、销售额、营业收入和现金流，同时资产负债表更为强劲，且持续分红已久。尽管更高的销售和管理费用在电子技术集团造成了一定的利润压力，但整体基调依然相当积极。对于关注航空航天和电子领域的投资者而言，HEICO 强劲的当前表现和自信的增长前景将可能使其股票保持在他们的关注名单上。</p>
</div>

HEICO 公司创造了破纪录的盈利表现