ATS posts bitter-sweet second quarter results
ATS reports second quarter loss of $67.1 million while continuing operations earnings nearly double.
CAMBRIDGE, Ont. — ATS Automation Tooling Systems Inc. reported a second quarter with good and bad financial news. On the downside, the automation giant posted a loss of $67.1 million as the company booked a big charge for its money-losing solar technology unit. That compared to the $1.9 million profit the company posted for the second quarter a year ago. The loss included $76.4 million in red ink from its Photowatt’s solar technology business, which ATS is winding down.
On the brighter side, consolidated revenues from continuing operations rose 28 per cent to $145.9 million from $114.3 million. Excluding the Photowatt results, earnings from continuing operations jumped to $9.3 million from $4.8 million. According to the company, order backlog boosted its sales results during this quarter. In addition, revenues from ATS’ transportation sector boomed during the quarter, increasing by five times to $64.7 million.
ATS Automation, with 3,100 employees, makes and installs manufacturing systems for multinational customers in industries such as life sciences, computer and electronics, energy, transportation and consumer products. The company operates 21 manufacturing plants in Canada, the United States, Europe, Southeast Asia and China.
© 2011 The Canadian Press