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Financial report summary
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AerSaleManagement Discussion
- Our consolidated net sales in the first quarter of fiscal 2024 increased by 44% to $896.4 million, up from net sales of $620.9 million in the first quarter of fiscal 2023. The increase in consolidated net sales principally reflects an increase of $247.4 million (a 67% increase) to a record $618.7 million within the FSG and an increase of $30.9 million (a 12% increase) to $285.9 million within the ETG. The net sales increase in the FSG reflects $202.0 million contributed by a fiscal 2023 acquisition as well as strong organic growth of 12%. The FSG's organic net sales growth reflects increased demand within its aftermarket replacement parts and repair and overhaul parts and services product lines resulting in net sales increases of $37.9 million and $11.0 million, respectively. The net sales increase in the ETG reflects net sales of $39.4 million contributed by a fiscal 2023 acquisition, partially offset by a 5% organic net sales decline. The ETG's organic net sales decline is mainly attributable to decreased demand for its other electronics, medical and space products resulting in net sales decreases of $7.3 million, $4.7 million and $2.8 million, respectively, partially offset by increased demand for its aerospace products resulting in a net sales increase of $3.3 million. Although sales price changes were not a significant contributing factor to the change in net sales of the FSG and ETG in the first quarter of fiscal 2024, continued cost inflation may lead to higher sales prices during the remainder of fiscal 2024.