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Mittwoch, 09.08.2023 08:11 von | Aufrufe: 15

CAE reports first quarter fiscal 2024 results

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PR Newswire

  • Revenue of $1,054.4 million vs. $933.3 million in prior year
  • Diluted earnings per share (EPS) of $0.20 vs. $0.01 in prior year
  • Adjusted EPS(1) of $0.24 vs. $0.06 in prior year
  • Operating income of $130.1 million vs. $39.4 million in prior year
  • Adjusted segment operating income(1) of $145.1 million vs. $60.9 million in prior year
  • Adjusted order intake(1) of $1,010.3 million for a record $11.2 billion adjusted backlog(1) 
  • Net debt-to-adjusted EBITDA(1) of 3.22x vs. 3.41x at the end of the preceding quarter

MONTREAL, Aug. 9, 2023 /PRNewswire/ - (NYSE: CAE) (TSX: CAE) - CAE Inc. (CAE or the Company) today reported revenue of $1,054.4 million for the first quarter of fiscal 2024, compared with $933.3 million in the first quarter last year. First quarter diluted EPS was $0.20 compared to $0.01 last year. Adjusted EPS in the first quarter was $0.24 compared to $0.06 last year.

Operating income this quarter was $130.1 million (12.3% of revenue(1)), compared to $39.4 million (4.2% of revenue) last year. First quarter adjusted segment operating income was $145.1 million (13.8% of revenue(1)) compared to $60.9 million (6.5% of revenue) last year. All financial information is in Canadian dollars unless otherwise indicated.

Summary of consolidated results







(amounts in millions, except per share amounts)


Q1-2024


Q1-2023


Variance %


ARIVA.DE Börsen-Geflüster

Kurse

17,60
+1,15%
CAE Realtime-Chart

Revenue

$

1,054.4

$

933.3


13 %

Operating income

$

130.1

$

39.4


230 %

Adjusted segment operating income(1)

$

145.1

$

60.9


138 %

As a % of revenue(1)

%

13.8

%

6.5



Net income attributable to equity holders of the Company

$

65.3

$

1.7


3,741 %

Diluted earnings per share (EPS)

$

0.20

$

0.01


1,900 %

Adjusted EPS(1)

$

0.24

$

0.06


300 %

Adjusted order intake(1)

$

1,010.3

$

1,049.1


(4 %)

Adjusted backlog(1)

$

11,183.5

$

10,025.6


12 %

(1) This press release includes non-IFRS financial measures, non-IFRS ratios, capital management measures and supplementary financial measures. These measures are not standardized financial measures prescribed under IFRS and therefore should not be confused with, or used as an alternative for, performance measures calculated according to IFRS. Furthermore, these measures should not be compared with similarly titled measures provided or used by other issuers. Refer to the Non-IFRS and other financial measures section of this press release for the definitions and a reconciliation of these measures to the most directly comparable measure under IFRS.


"We are off to a strong start to the fiscal year with first quarter results driven by double-digit year-over-year growth in Civil, continued strengthening and transformation in Defense, and increased profitability in Healthcare. We also further bolstered our financial position and are on track to meet our leverage target by mid fiscal year," said Marc Parent, CAE's President and Chief Executive Officer. "We made excellent progress in the quarter to secure CAE's future with over $1 billion in total adjusted order intake, for a record $11.2 billion adjusted backlog. As partner of choice, we are addressing a greater share of our civil aviation customers' training and operational needs, as evidenced by our long-term training services agreements that now include nearly every major U.S. airline. We are also making excellent progress to transform Defense as demonstrated by our recent large strategic program wins, including the selection of SkyAlyne as the preferred bidder for the Future Aircrew Training program to provide next generation pilot and aircrew training for the Royal Canadian Air Force. This represents a multi-billion-dollar generational training opportunity for CAE, spanning the next quarter century. Our customers in each of our markets have a growing need for innovative training and operational support solutions to succeed in evermore complex environments. As we look to the period ahead, we continue to be highly encouraged by the secular tailwinds in all segments and the growth we expect by harnessing our global market and technology leadership, and the power of One CAE."

Civil Aviation (Civil)
First quarter Civil revenue was $540.3 million vs. $480.4 million in the first quarter last year. Operating income was $105.6 million (19.5% of revenue) compared to $75.4 million (15.7% of revenue) in the same quarter last year. Adjusted segment operating income was $119.0 million (22.0% of revenue) compared to $86.6 million (18.0% of revenue) in the first quarter last year. During the quarter, Civil delivered six full-flight simulators (FFSs) to customers and first quarter Civil training centre utilization was 77%.

During the quarter, Civil signed training solutions contracts valued at $730.2 million, including a range of long-term commercial and business aviation training agreements and 22 FFS sales. During the recent Paris Air Show, Civil also announced the signing of an agreement with Boeing through which it will become an Authorized Training Provider and the first to offer its Competency-Based Training and Assessment curriculum. Also, during the Air Show, CAE released its 2023 Aviation Talent Forecast, which anticipates a global need for 1.3 million new aviation professionals to join the industry as pilots, aircraft maintenance technicians and cabin crew over the next 10 years to support the expected growth of the commercial and business aviation markets.

The Civil book-to-sales ratio(1) was 1.35 times for the quarter and 1.36 times for the last 12 months. The Civil adjusted backlog at the end of the quarter was a record $5.8 billion.

Summary of Civil Aviation results

(amounts in millions)


Q1-2024


Q1-2023


Variance %

Revenue

$

540.3

$

480.4


12 %

Operating income

$

105.6

$

75.4


40 %

Adjusted segment operating income

$

119.0

$

86.6


37 %

As a % of revenue

%

22.0

%

18.0



Adjusted order intake

$

730.2

$

521.5

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