Heico (HEI) Q4 FY2021 earnings: revenue $509 million, up 19.5% on the year

Heico Corp. (HEI) reported revenue of $509 million for Q4 FY2021, the quarter ended 31 October 2021, up 19.5% on the same quarter a year earlier. Net income was $86 million, up 38.1% on the year, and diluted earnings per share $0.63. The figures are the company's own, from the 10-K it filed with the SEC on 21 December 2021.

Revenue$509 millionup 19.5%

Net income$86 millionup 38.1%

Diluted EPS$0.63

QuarterQ4 FY2021ended 31 October 2021

The quarter, against the one before and a year earlier

Line	Q4 FY2021	Quarter before	A year earlier	Change on the year
Revenue	509	n/a	n/a	n/a
Cost of revenue	305	n/a	n/a	n/a
Gross profit	204	n/a	n/a	n/a
Gross margin	40.1%	n/a	n/a
Research and development	16.7	n/a	n/a	n/a
Selling, general and administrative	89.5	n/a	n/a	n/a
Operating income	115	n/a	n/a	n/a
Operating margin	22.6%	n/a	n/a
Interest expense	1.0	n/a	n/a	n/a
Pre-tax income	113	n/a	n/a	n/a
Income tax	20.9	n/a	n/a	n/a
Effective tax rate	18.6%	n/a	n/a
Net income	86.1	n/a	n/a	n/a
Net margin	16.9%	n/a	n/a
Diluted EPS	$0.63	n/a	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2021	Quarter before	A year earlier	Change on the year
Operating cash flow	110	n/a	n/a	n/a
Capital expenditure	6.1	n/a	n/a	n/a
Free cash flow	104	n/a	n/a	n/a
Free cash flow margin	20.4%	n/a	n/a
Cash from investing	-115	n/a	n/a	n/a
Cash from financing	-156	n/a	n/a	n/a
Depreciation and amortisation	24.2	n/a	n/a	n/a
Dividends paid	0.0	n/a	n/a	n/a
Diluted shares, weighted	138m	n/a	n/a	n/a
Shares outstanding at period end	54m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2021	Quarter before	A year earlier	Change on the year
Shareholders' equity	2,263	n/a	n/a	n/a
Non-controlling interest	33.9	n/a	n/a	n/a
Redeemable equity	253	n/a	n/a	n/a
Debt	236	n/a	n/a	n/a
Operating lease liabilities	61.8	n/a	n/a	n/a
Finance lease liabilities	9.8	n/a	n/a	n/a
Other liabilities	641	n/a	n/a	n/a
Total liabilities and equity	3,498	n/a	n/a	n/a
Fixed assets	194	n/a	n/a	n/a
Goodwill	1,450	n/a	n/a	n/a
Intangible assets	582	n/a	n/a	n/a
Cash and equivalents	108	n/a	n/a	n/a
Receivables	245	n/a	n/a	n/a
Inventory	478	n/a	n/a	n/a
Other assets	441	n/a	n/a	n/a
Total assets	3,498	n/a	n/a	n/a

Questions

What was Heico's revenue in Q4 FY2021?

Heico (HEI) reported revenue of $509 million for Q4 FY2021, the quarter ended 31 October 2021, up 19.5% on the same quarter a year earlier.

How much did Heico earn in Q4 FY2021?

Net income for Q4 FY2021 was $86 million, up 38.1% on the year, and diluted earnings per share $0.63.

When did Heico report Q4 FY2021 results?

Heico filed its 10-K for the year that ended with the quarter on 21 December 2021; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	509	490	539	570	610	621	688	723	936	896	955	992	1,014	1,030	1,098	1,148	1,209	1,179	1,376	1,413
Cost of revenue	305	300	328	349	369	377	421	444	572	550	584	603	620	625	660	690	724	724	806	832
Gross profit	204	190	211	221	240	244	267	279	364	347	372	389	394	406	438	457	486	455	570	581
Gross margin	40%	39%	39%	39%	39%	39%	39%	39%	39%	39%	39%	39%	39%	39%	40%	40%	40%	39%	41%	41%
R&D	16.7	18.4	18.8	18.7	20.3	20.2	22.9	25.4	27.3	25.1	27.9	29.8	28.5	27.6	28.7	31.9	32.7	31.9	36.4	36.1
SG&A	89.5	91.4	88.5	92.2	93.9	114	109	129	175	167	163	173	175	179	190	192	207	195	219	226
Operating income	115	98.8	123	129	146	129	157	149	189	180	209	216	219	227	248	265	279	260	350	355
Operating margin	23%	20%	23%	23%	24%	21%	23%	21%	20%	20%	22%	22%	22%	22%	23%	23%	23%	22%	25%	25%
Interest expense	1.0	0.8	1.0	1.4	3.2	6.1	11.4	12.1	43.4	38.6	38.5	36.8	35.4	32.5	32.9	31.7	32.9	29.5	34.2	35.9
Pre-tax income	113	98.3	122	127	143	124	146	138	147	142	171	180	184	195	216	235	247	231	318	321
Tax rate	19%	4%	24%	27%	23%	17%	21%	18%	23%	12%	21%	18%	18%	7%	21%	19%	18%	12%	21%	21%
Net income	86.1	86.9	85.0	82.5	97.2	93.0	105	102	103	115	123	137	140	168	157	177	188	190	234	235
Net margin	17%	18%	16%	14%	16%	15%	15%	14%	11%	13%	13%	14%	14%	16%	14%	15%	16%	16%	17%	17%
Diluted EPS	$0.63	$0.63	$0.62	$0.60	$0.70	$0.67	$0.76	$0.74	$0.74	$0.82	$0.88	$0.97	$1.00	$1.20	$1.12	$1.26	$1.33	$1.35	$1.66	$1.67
Operating cash flow	110	78.0	96.8	149	144	76.7	77.8	146	148	112	141	214	206	203	205	231	295	179	292	345
Capital expenditure	6.1	8.7	7.5	8.1	7.6	10.8	11.1	12.3	15.3	13.4	12.9	15.8	16.1	17.3	16.0	12.7	26.8	13.5	18.1	22.6
Free cash flow	104	69.3	89.3	141	136	65.8	66.7	134	133	98.3	128	198	190	186	189	218	268	165	274	323
Dividends paid	0.0	12.2	0.0	12.2	0.0	13.7	0.0	13.7	0.0	13.8	0.0	15.2	0.0	15.3	0.0	16.7	0.0	16.7	0.0	18.2
Shares outstanding	54m	n/a	55m	55m	55m	n/a	55m	55m	55m	n/a	55m	55m	55m	n/a	n/a	55m	55m	n/a	n/a	n/a
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 October 2021, filed 21 December 2021: the filing.