HEICO Corporation (HEI) Q3 2022 Earnings Call Transcript

For the period ending July 31, 2022

August 30, 2022 9:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Welcome to the HEICO Corporation Third Quarter and Full Year Fiscal 2022 Financial Results Call. My name is Connie, and I will be the operator assisting you today.

Certain statements in today’s call will constitute forward-looking statements, which are subject to risks, uncertainties and contingencies. HEICO's actual results may differ materially from those expressed in or implied by those forward-looking statements as a result of factors including, but not limited to: the severity, magnitude and duration of the COVID-19 pandemic; HEICO's liquidity, and amount, timing of cash generation; lower commercial air travel caused by the pandemic and its aftermath, airline fleet changes or airline purchasing decisions, which could cause lower demand for our goods and services; product specification costs and requirements, which could cause an increase to our costs to complete contracts; government and regulatory demands, export policies and restrictions, reductions in defense, space or homeland security spending by U.S. and/or foreign customers or competition from existing and new competitors, which could reduce our sales; our ability to introduce new products and services at profitable pricing levels, which could reduce our sales and sales growth; product development or manufacturing difficulties, which could increase our product development and manufacturing costs and delay sales; our ability to make acquisitions [Technical Difficulty]

Parties receiving this material are encouraged to review all of HEICO's filings with the Securities and Exchange Commission, including, but not limited to filings on Form 10-K, Form 10-Q and Forms 8-K. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except the extent requirements by applicable law.

I now turn the call over to Laurans Mendelson, HEICO's Chairman and Chief Executive Officer. Please go ahead.

Laurans Mendelson

Connie, thank you, and good morning to everyone on the call. We thank you all for joining us, and welcome you to the HEICO third quarter fiscal '22 earnings announcement teleconference. I'm Larry Mendelson, Chairman and CEO of HEICO Corporation, and I'm joined here this morning by Eric Mendelson, HEICO's Co-President and President of HEICO's Flight Support Group; Victor Mendelson, HEICO's Co-President and President of HEICO's Electronic Technologies Group; and Carlos Macau, our Executive VP and CFO.

Today, my comments will address our consolidated Q3 results, acquisitions and accomplishments, followed by a presentation of the segment results from Eric and Victor, HEICO's Co-Presidents.