CAE tops earnings predictions in first quarter
The Canadian PressGeneral Aerospace
Flight simulator maker sees renewed demand in civil aviation following pandemic downturn.
MONTREAL – CAE Inc. is reporting a 13 per cent spike in revenues as commercial aviation bounces back following a prolonged pandemic downturn.
The builder of flight and health simulators says net income attributable to equity holders in the three months ended June 30 rose to $65.3 million from $1.7 million in the same period a year earlier.
That quarter in 2022 saw its income statement marred by supply chain problems and writedowns on a pair of pricey defence projects.
On an adjusted basis, CAE says earnings in its first quarter hit 24 cents per share compared with six cents per share a year prior, beating analyst expectations of 21 cents per share, according to financial markets data firm Refinitiv.
The Montreal-based company says first-quarter revenue rose to $1.05 billion from $933 million the previous year.
Chief executive Mark Parent says double-digit growth in its civil aviation segment bolstered earnings and boosted CAE’s adjusted backlog by 12 per cent to a record $11.18 billion.