Monday, June 24, 2024

CAE returns to profit

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Maria Gill
Maria Gill
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(Montreal) CAE returned to profit in its latest quarter, after posting a loss in the same period last year, the flight simulator specialist reported a 16% increase in revenue on Thursday.

The Montreal-based company reported earnings attributable to shareholders of $14.0 million, or 4 cents per share, for the quarter ended September 30. That compared to a loss of $5.2 million, or two cents per share, for the same quarter a year earlier.

Total revenue for the second quarter was $814.9 million, up from $704.7 million last year.

Excluding non-recurring items, CAE reported adjusted earnings of 17 cents per share last quarter, compared to adjusted earnings of 13 cents per share the prior year.

Analysts, on average, expected adjusted earnings of 20 cents per share and revenue of $899.7 million, according to forecasts compiled by financial data firm Refinitiv.

CAE announced last month that it had agreed to buy AirCentre’s air operations division from Saber for $392.5 million. These activities include programs that airlines use to help manage crew and flight, as well as improve aircraft use and airport management.

The company in this story: (TSX: CAE)

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