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HEIA Heineken

89.34
-0.36 (-0.40%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Heineken EU:HEIA Euronext Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.36 -0.40% 89.34 89.26 89.82 90.36 89.16 89.56 465,982 16:40:00

HEICO Corp. Reports Record Operating Income & Net Sales for the Third Quarter of Fiscal 2019 & Record Net Income for the Nine...

27/08/2019 9:15pm

Business Wire


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3rd Quarter of Fiscal 2019 Net Income up 21% on Operating Income Increase of 18% and Net Sales Increase of 14%

HEICO CORPORATION (NYSE: HEI.A) (NYSE: HEI) today reported that net income increased 21% to $81.1 million, or 59 cents per diluted share, in the third quarter of fiscal 2019, up from $67.1 million, or 49 cents per diluted share, in the third quarter of fiscal 2018. In the first nine months of fiscal 2019, net income increased 26% to a record $242.2 million, or $1.76 per diluted share, up from $191.9 million, or $1.40 per diluted share, in the first nine months of fiscal 2018.

Operating income increased 18% to a record $119.4 million in the third quarter of fiscal 2019, up from $101.4 million in the third quarter of fiscal 2018. In the first nine months of fiscal 2019, operating income increased 23% to a record $336.5 million, up from $272.5 million in the first nine months of fiscal 2018.

The Company's consolidated operating margin improved to 22.4% in the third quarter of fiscal 2019, up from 21.8% in the third quarter of fiscal 2018. The Company's consolidated operating margin improved to 22.2% in the first nine months of fiscal 2019, up from 21.0% in the first nine months of fiscal 2018.

Net sales increased 14% to a record $532.3 million in the third quarter of fiscal 2019, up from $465.8 million in the third quarter of fiscal 2018. Net sales increased 16% to a record $1,514.1 million in the first nine months of fiscal 2019, up from $1,300.8 million in the first nine months of fiscal 2018.

EBITDA increased 17% to $140.8 million in the third quarter of fiscal 2019, up from $120.7 million in the third quarter of fiscal 2018. EBITDA increased 21% to $400.7 million in the first nine months of fiscal 2019, up from $330.1 million in the first nine months of fiscal 2018. See our reconciliation of net income attributable to HEICO to EBITDA at the end of this press release.

Consolidated Results

Laurans A. Mendelson, HEICO’s Chairman and CEO, commented on the Company's third quarter results stating, "We are very pleased to report record quarterly results in consolidated net sales and operating income driven by record net sales at both of our operating segments. These record results principally reflect double-digit organic net sales growth within our Flight Support Group as well as high-single digit organic net sales growth and the excellent operating performance of our fiscal 2019 acquisitions in the Electronic Technologies Group.

Cash flow provided by operating activities was very strong, increasing 46% to $313.4 million in the first nine months of fiscal 2019, up from $214.8 million in the first nine months of fiscal 2018. We continue to forecast strong cash flow from operations for fiscal 2019.

During fiscal 2019, we successfully completed six acquisitions and completed seven acquisitions over the past year. As a result of these acquisitions, partially offset by the impact of our strong cash flows, our total debt to shareholders' equity ratio increased to 39.0% as of July 31, 2019, up from 35.4% as of October 31, 2018. Our net debt (total debt less cash and cash equivalents) of $581.1 million to shareholders’ equity ratio increased to 35.4% as of July 31, 2019, up from 31.5% as of October 31, 2018. Our net debt to EBITDA ratio increased to 1.11x as of July 31, 2019, up from 1.04x as of October 31, 2018. We have no significant debt maturities until fiscal 2023 and plan to utilize our financial flexibility to aggressively pursue high quality acquisitions to accelerate growth and maximize shareholder returns.

As we look ahead to the remainder of fiscal 2019, we anticipate net sales growth within the Flight Support Group and Electronic Technologies Group resulting from increased demand across the majority of our product lines. Also, we plan to continue our commitments to developing new products and services, further market penetration, and pursuing an aggressive acquisition strategy while maintaining our financial strength and flexibility.

Based on our current economic visibility, we now estimate our consolidated fiscal 2019 year-over-year net sales growth to be 14% - 15% and net income growth to be 23% - 24%, up from our prior growth estimates in net sales of 12% - 13% and in net income of 17% - 18%. Additionally, we now anticipate our consolidated operating margin to approximate 22.0%, up from our prior estimate of 21.5% - 22.0% and continue to anticipate depreciation and amortization expense to approximate $84 million. Further, we now anticipate cash flow from operations to approximate $405 million, up from the prior estimate of $380 million, and capital expenditures to approximate $31 million, down from the prior estimate of $38 million. These estimates exclude additional acquired businesses, if any."

Flight Support Group

Eric A. Mendelson, HEICO's Co-President and President of HEICO's Flight Support Group, commented on the Flight Support Group's third quarter results stating, "Our record quarterly results in net sales and operating income principally reflects strong double-digit organic growth within the majority of our product lines.

The Flight Support Group's net sales increased 12% to a record $320.0 million in the third quarter of fiscal 2019, up from $285.1 million in the third quarter of fiscal 2018. The Flight Support Group's net sales increased 13% to a record $915.5 million in the first nine months of fiscal 2019, up from $807.7 million in the first nine months of fiscal 2018. The increase in the third quarter and first nine months of fiscal 2019 is attributable to continued strong organic growth of 12% and 13%, respectively, mainly due to increased demand and new product offerings within our aftermarket replacement parts and specialty products product lines.

The Flight Support Group's operating income increased 18% to a record $64.8 million in the third quarter of fiscal 2019, up from $54.7 million in the third quarter of fiscal 2018. The increase principally reflects the previously mentioned net sales growth and the impact from an improved gross profit margin mainly driven by increased net sales and a more favorable product mix within our aftermarket replacement parts product line.

The Flight Support Group's operating income increased 18% to a record $179.8 million in the first nine months of fiscal 2019, up from $152.1 million in the first nine months of fiscal 2018. The increase principally reflects the previously mentioned net sales growth and the impact from an improved gross profit margin mainly driven by a more favorable product mix within our specialty products product line.

The Flight Support Group's operating margin increased to 20.2% in the third quarter of fiscal 2019, up from 19.2% in the third quarter of fiscal 2018. The Flight Support Group's operating margin increased to 19.6% in the first nine months of fiscal 2019, up from 18.8% in the first nine months of fiscal 2018. The increase in the third quarter and first nine months of fiscal 2019 principally reflects the previously mentioned improved gross profit margin.

With respect to the remainder of fiscal 2019, we now estimate full year net sales growth of approximately 11% - 12% over the prior year, up from the previous estimate of 10% and we now estimate the full year Flight Support Group operating margin to approximate 19.5% - 20.0%, up from the prior estimate of approximately 19.0% - 19.5%. Further, we now estimate the Flight Support Group's full year organic net sales growth rate to be in the low-double digits, up from the prior estimate of high-single digits. These estimates exclude additional acquired businesses, if any.”

Electronic Technologies Group

Victor H. Mendelson, HEICO's Co-President and President of HEICO’s Electronic Technologies Group, commented on the Electronic Technologies Group's third quarter results stating, "Our record quarterly results in net sales reflects high-single digit organic growth and the impact of our well-managed and profitable fiscal 2019 acquisitions.

The Electronic Technologies Group's net sales increased 16% to a record $216.1 million in the third quarter of fiscal 2019, up from $186.4 million in the third quarter of fiscal 2018. The Electronic Technologies Group's net sales increased 20% to a record $615.0 million in the first nine months of fiscal 2019, up from $510.8 million in the first nine months of fiscal 2018. These increases resulted from organic growth of 7% and 13% in the third quarter and first nine months of fiscal 2019, respectively, and the favorable impact from our fiscal 2019 acquisitions. The organic growth in the third quarter and first nine months of fiscal 2019 is mainly attributable to increased demand for certain defense and aerospace products.

The Electronic Technologies Group's operating income increased 11% to $62.2 million in the third quarter of fiscal 2019, up from $56.0 million in the third quarter of fiscal 2018.

The increase in the third quarter of fiscal 2019 principally reflects the previously mentioned net sales growth and an improved gross profit margin mainly driven by higher net sales and a more favorable product mix for certain aerospace products.

The Electronic Technologies Group's operating income increased 23% to a record $181.2 million in the first nine months of fiscal 2019, up from $147.4 million in the first nine months of fiscal 2018. The increase in the first nine months of fiscal 2019 principally reflects the previously mentioned net sales growth and an improved gross profit margin mainly driven by increased net sales and a more favorable product mix for certain aerospace and defense products.

The Electronic Technologies Group's operating margin remained strong at 28.8% in the third quarter of fiscal 2019 as compared to 30.1% reported in the third quarter of fiscal 2018. The operating margin in the third quarter of fiscal 2019 is inclusive of higher acquisition-related costs associated with a recent acquisition.

The Electronic Technologies Group's operating margin improved to 29.5% in the first nine months of fiscal 2019, up from 28.9% in the first nine months of fiscal 2018. The increase in the first nine months of fiscal 2019 principally reflects an improved gross profit margin, partially offset by higher performance-based compensation expenses, the impact of changes in the estimated fair value of accrued contingent consideration and the aforementioned higher acquisition-related costs as a percentage of net sales.

With respect to the remainder of fiscal 2019, we now estimate full year net sales growth of approximately 18% - 19% over the prior year, up from the previous estimate of 15% - 17%, and anticipate the full year Electronic Technologies Group's operating margin to approximate 29.0%, as compared to our prior estimate of 29.0% - 29.5%. Further, we now estimate the Electronic Technologies Group’s organic net sales growth rate to be in the low-double digits up from the prior estimate of high-single digits. These estimates exclude additional acquired businesses, if any.”

Non-GAAP Financial Measures

To provide additional information about the Company's results, HEICO has discussed in this press release its EBITDA (calculated as net income attributable to HEICO adjusted for net income attributable to noncontrolling interests, income tax expense, interest expense and depreciation and amortization expense), its net debt (calculated as total debt less cash and cash equivalents), its net debt to shareholders' equity ratio (calculated as net debt divided by shareholders' equity) and its net debt to EBITDA ratio (calculated as net debt divided by EBITDA) which are not prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These non-GAAP measures are included to supplement the Company’s financial information presented in accordance with GAAP and because the Company uses such measures to monitor and evaluate the performance of its business and believes the presentation of these measures enhance an investors’ ability to analyze trends in the Company’s business and to evaluate the Company’s performance relative to other companies in its industry. However, these non-GAAP measures have limitations and should not be considered in isolation or as a substitute for analysis of the Company's financial results as reported under GAAP.

These non-GAAP measures are not in accordance with, or an alternative to, measures prepared in accordance with GAAP and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. These measures should only be used to evaluate the Company's results of operations in conjunction with their corresponding GAAP measures. Pursuant to the requirements of Regulation G of the Securities and Exchange Act of 1934, the Company has provided a reconciliation of these non-GAAP measures in the last table included in this press release.

(NOTE: HEICO has two classes of common stock traded on the NYSE. Both classes, the Class A Common Stock (HEI.A) and the Common Stock (HEI), are virtually identical in all economic respects. The only difference between the share classes is the voting rights. The Class A Common Stock (HEI.A) has 1/10 vote per share and the Common Stock (HEI) has one vote per share.)

There are currently approximately 80.3 million shares of HEICO's Class A Common Stock (HEI.A) outstanding and 53.8 million shares of HEICO's Common Stock (HEI) outstanding. The stock symbols for HEICO’s two classes of common stock on most websites are HEI.A and HEI. However, some websites change HEICO's Class A Common Stock trading symbol (HEI.A) to HEI/A or HEIa.

As previously announced, HEICO will hold a conference call on Wednesday, August 28, 2019 at 9:00 a.m. Eastern Daylight Time to discuss its third quarter results. Individuals wishing to participate in the conference call should dial: U.S. and Canada (877) 586-4323, International (706) 679-0934, wait for the conference operator and provide the operator with the Conference ID 8947673. A digital replay will be available two hours after the completion of the conference for 14 days. To access, dial: (404) 537-3406, and enter the Conference ID 8947673.

HEICO Corporation is engaged primarily in the design, production, servicing and distribution of products and services to certain niche segments of the aviation, defense, space, medical, telecommunications and electronics industries through its Hollywood, Florida-based Flight Support Group and its Miami, Florida-based Electronic Technologies Group. HEICO's customers include a majority of the world's airlines and overhaul shops, as well as numerous defense and space contractors and military agencies worldwide, in addition to medical, telecommunications and electronics equipment manufacturers. For more information about HEICO, please visit our website at http://www.heico.com.

Certain statements in this press release 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: lower demand for commercial air travel or 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; governmental 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 or sales growth; product development or manufacturing difficulties, which could increase our product development costs and delay sales; our ability to make acquisitions and achieve operating synergies from acquired businesses; customer credit risk; interest, foreign currency exchange and income tax rates; economic conditions within and outside of the aviation, defense, space, medical, telecommunications and electronics industries, which could negatively impact our costs and revenues; and defense spending or budget cuts, which could reduce our defense-related revenue. 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 Form 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 to the extent required by applicable law.

HEICO CORPORATION

Condensed Consolidated Statements of Operations (Unaudited)

(in thousands, except per share data)

 

 

Three Months Ended July 31,

 

2019

 

2018

Net sales

$532,324

 

 

$465,825

 

Cost of sales

319,493

 

 

284,216

 

Selling, general and administrative expenses

93,417

 

 

80,186

 

Operating income

119,414

 

 

101,423

 

Interest expense

(5,523

)

 

(5,212

)

Other income (expense)

268

 

 

(112

)

Income before income taxes and noncontrolling interests

114,159

 

 

96,099

 

Income tax expense

25,100

 

 

22,200

 

Net income from consolidated operations

89,059

 

 

73,899

 

Less: Net income attributable to noncontrolling interests

7,961

 

 

6,813

 

Net income attributable to HEICO

$81,098

 

 

$67,086

 

 

 

 

 

Net income per share attributable to HEICO shareholders:

 

 

 

Basic

$.61

 

$.51

Diluted

$.59

 

$.49

 

 

 

 

Weighted average number of common shares outstanding:

 

 

 

Basic

133,970

 

 

132,794

 

Diluted

137,634

 

 

136,733

 

 

 

 

 

 

Three Months Ended July 31,

 

2019

 

2018

Operating segment information:

 

 

 

Net sales:

 

 

 

Flight Support Group

$320,016

 

 

$285,126

 

Electronic Technologies Group

216,129

 

 

186,370

 

Intersegment sales

(3,821

)

 

(5,671

)

 

$532,324

 

 

$465,825

 

 

 

 

 

Operating income:

 

 

 

Flight Support Group

$64,797

 

 

$54,712

 

Electronic Technologies Group

62,206

 

 

56,021

 

Other, primarily corporate

(7,589

)

 

(9,310

)

 

$119,414

 

 

$101,423

 

HEICO CORPORATION

Condensed Consolidated Statements of Operations (Unaudited)

(in thousands, except per share data)

 

 

Nine Months Ended July 31,

 

 

2019

 

2018

 

Net sales

$1,514,118

 

 

$1,300,837

 

 

Cost of sales

909,663

 

 

796,580

 

 

Selling, general and administrative expenses

267,911

 

 

231,709

 

 

Operating income

336,544

 

 

272,548

 

 

Interest expense

(16,496

)

 

(14,841

)

 

Other income (expense)

2,420

 

 

(2

)

 

Income before income taxes and noncontrolling interests

322,468

 

 

257,705

 

 

Income tax expense

55,300

 

(a)

46,100

 

(b)

Net income from consolidated operations

267,168

 

 

211,605

 

 

Less: Net income attributable to noncontrolling interests

24,956

 

 

19,749

 

 

Net income attributable to HEICO

$242,212

 

(a)

$191,856

 

(b)

 

 

 

 

 

Net income per share attributable to HEICO shareholders:

 

 

 

 

Basic

$1.82

(a)

$1.45

(b)

Diluted

$1.76

(a)

$1.40

(b)

 

 

 

 

 

Weighted average number of common shares outstanding:

 

 

 

 

Basic

133,405

 

 

132,422

 

 

Diluted

137,273

 

 

136,570

 

 

 

 

 

 

 

 

Nine Months Ended July 31,

 

 

2019

 

2018

 

Operating segment information:

 

 

 

 

Net sales:

 

 

 

 

Flight Support Group

$915,480

 

 

$807,683

 

 

Electronic Technologies Group

615,009

 

 

510,750

 

 

Intersegment sales

(16,371

)

 

(17,596

)

 

 

$1,514,118

 

 

$1,300,837

 

 

 

 

 

 

 

Operating income:

 

 

 

 

Flight Support Group

$179,843

 

 

$152,069

 

 

Electronic Technologies Group

181,160

 

 

147,371

 

 

Other, primarily corporate

(24,459

)

 

(26,892

)

 

 

$336,544

 

 

$272,548

 

 

HEICO CORPORATION

Footnotes to Condensed Consolidated Statements of Operations (Unaudited)

 

(a)

 

During the first quarter of fiscal 2019, the Company recognized a $16.6 million discrete tax benefit from stock option exercises, which, net of noncontrolling interests, increased net income attributable to HEICO by $15.1 million, or $.11 per basic and diluted share. During the first quarter of fiscal 2018, the Company recognized a net benefit from stock option exercises that increased net income attributable to HEICO by $2.1 million, or $.02 per basic and diluted share.

 

 

 

(b)

 

During the first quarter of fiscal 2018, the United States (U.S.) government enacted significant changes to existing tax law resulting in the Company recording a provisional discrete tax benefit from remeasuring its U.S. federal net deferred tax liabilities that was partially offset by a provisional discrete tax expense related to a one-time transition tax on the unremitted earnings of the Company's foreign subsidiaries. The net impact of these amounts increased net income attributable to HEICO by $11.9 million, or $.09 per basic and diluted share.

 

HEICO CORPORATION

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands)

     

 

July 31, 2019

 

 

October 31, 2018

 

Cash and cash equivalents

$59,023

 

 

$59,599

 

Accounts receivable, net

259,321

 

 

237,286

 

Contract assets

47,238

 

 

14,183

 

Inventories, net

416,314

 

 

401,553

 

Prepaid expenses and other current assets

20,688

 

 

21,187

 

Total current assets

802,584

 

 

733,808

 

Property, plant and equipment, net

173,182

 

 

154,739

 

Goodwill

1,263,473

 

 

1,114,832

 

Intangible assets, net

561,547

 

 

506,360

 

Other assets

159,502

 

 

143,657

 

Total assets

$2,960,288

 

 

$2,653,396

 

 

 

 

 

 

 

Current maturities of long-term debt

$860

 

 

$859

 

Other current liabilities

268,276

 

 

281,570

 

Total current liabilities

269,136

 

 

282,429

 

Long-term debt, net of current maturities

639,304

 

 

531,611

 

Deferred income taxes

51,626

 

 

46,644

 

Other long-term liabilities

179,494

 

 

157,658

 

Total liabilities

1,139,560

 

 

1,018,342

 

Redeemable noncontrolling interests

178,353

 

 

132,046

 

Shareholders’ equity

1,642,375

 

 

1,503,008

 

Total liabilities and equity

$2,960,288

 

 

$2,653,396

 

 

HEICO CORPORATION

Condensed Consolidated Statements of Cash Flows (Unaudited)

(in thousands)

 

 

Nine Months Ended July 31,

 

2019

 

2018

Operating Activities:

 

 

 

Net income from consolidated operations

$267,168

 

 

$211,605

 

Depreciation and amortization

61,686

 

 

57,523

 

Share-based compensation expense

7,674

 

 

6,933

 

Employer contributions to HEICO Savings and Investment Plan

7,128

 

 

6,015

 

Increase (decrease) in accrued contingent consideration, net

3,734

 

 

(3,789

)

Deferred income tax benefit

(3,293

)

 

(13,485

)

Payment of contingent consideration

(3,105

)

 

 

Increase in accounts receivable

(14,820

)

 

(21,043

)

Decrease (increase) in contract assets

7,429

 

 

(5,272

)

Increase in inventories

(27,019

)

 

(40,965

)

(Decrease) increase in current liabilities, net

(2,214

)

 

4,647

 

Other

9,031

 

 

12,584

 

Net cash provided by operating activities

313,399

 

 

214,753

 

 

 

 

 

Investing Activities:

 

 

 

Acquisitions, net of cash acquired

(235,174

)

 

(40,599

)

Capital expenditures

(21,671

)

 

(35,898

)

Investments related to HEICO Leadership Compensation Plan

(10,800

)

 

(10,050

)

Other

628

 

 

(2,736

)

Net cash used in investing activities

(267,017

)

 

(89,283

)

 

 

 

 

Financing Activities:

 

 

 

Borrowings (payments) on revolving credit facility, net

108,000

 

 

(57,000

)

Distributions to noncontrolling interests

(104,699

)

 

(7,129

)

Redemptions of common stock related to stock option exercises

(35,600

)

 

(24,941

)

Cash dividends paid

(18,691

)

 

(15,363

)

Payments of contingent consideration

(4,073

)

 

(5,425

)

Revolving credit facility issuance costs

 

 

(4,067

)

Proceeds from stock option exercises

8,270

 

 

3,036

 

Other

(387

)

 

(376

)

Net cash used in financing activities

(47,180

)

 

(111,265

)

 

 

 

 

Effect of exchange rate changes on cash

222

 

 

710

 

 

 

 

 

Net (decrease) increase in cash and cash equivalents

(576

)

 

14,915

 

Cash and cash equivalents at beginning of year

59,599

 

 

52,066

 

Cash and cash equivalents at end of period

$59,023

 

 

$66,981

 

 

 

HEICO CORPORATION

   

Non-GAAP Financial Measures (Unaudited)

   

(in thousands, except ratios)

         

 

Three Months Ended July 31,

 

EBITDA Calculation

2019

 

 

2018

 

Net income attributable to HEICO

$81,098

 

 

$67,086

 

Plus: Depreciation and amortization

21,138

 

 

19,434

 

Plus: Net income attributable to noncontrolling interests

7,961

 

 

6,813

 

Plus: Interest expense

5,523

 

 

5,212

 

Plus: Income tax expense

25,100

 

 

22,200

 

EBITDA (a)

$140,820

 

 

$120,745

 

 

 

 

 

 

 

 

Nine Months Ended July 31,

 

EBITDA Calculation

2019

 

 

2018

 

Net income attributable to HEICO

$242,212

 

 

$191,856

 

Plus: Depreciation and amortization

61,686

 

 

57,523

 

Plus: Net income attributable to noncontrolling interests

24,956

 

 

19,749

 

Plus: Interest expense

16,496

 

 

14,841

 

Plus: Income tax expense

55,300

 

 

46,100

 

EBITDA (a)

$400,650

 

 

$330,069

 

 

 

 

 

 

 

 

Trailing Twelve Months Ended

 

EBITDA Calculation

July 31, 2019

 

 

October 31, 2018

 

Net income attributable to HEICO

$309,589

 

 

$259,233

 

Plus: Depreciation and amortization

81,354

 

 

77,191

 

Plus: Net income attributable to noncontrolling interests

31,660

 

 

26,453

 

Plus: Interest expense

21,556

 

 

19,901

 

Plus: Income tax expense

79,800

 

 

70,600

 

EBITDA (a)

$523,959

 

 

$453,378

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Debt Calculation

July 31, 2019

 

 

October 31, 2018

 

Total debt

$640,164

 

 

$532,470

 

Less: Cash and cash equivalents

(59,023

)

 

(59,599

)

Net debt (a)

$581,141

 

 

$472,871

 

 

 

 

 

 

 

Net debt

$581,141

 

 

$472,871

 

Shareholders' equity

$1,642,375

 

 

$1,503,008

 

Net debt to shareholders' equity ratio (a)

35.4

%

 

31.5%

 

 

 

 

 

 

 

Net debt

$581,141

 

 

$472,871

 

EBITDA (Trailing twelve months)

$523,959

 

 

$453,378

 

Net debt to EBITDA ratio (a)

1.11

 

 

1.04

 

 

 

 

 

 

 

(a) See the "Non-GAAP Financial Measures" section of this press release.

 

Victor H. Mendelson (305) 374-1745 ext. 7590 Carlos L. Macau, Jr. (954) 987-4000 ext. 7570

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