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Dienstag, 14.11.2023 08:12 von | Aufrufe: 21

CAE reports second quarter fiscal 2024 results

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PR Newswire

  • Revenue of $1,088.5 million vs. $993.2 million in prior year
  • Earnings per share (EPS) of $0.18 vs. $0.14 in prior year
  • Adjusted EPS(1) of $0.27 vs. $0.19 in prior year
  • Operating income of $100.6 million vs. $102.1 million in prior year
  • Adjusted segment operating income(1) of $138.5 million vs. $124.7 million in prior year
  • Adjusted order intake(1) of $1,183.6 million for a record $11.8 billion adjusted backlog(1) 
  • Net debt-to-adjusted EBITDA(1) of 3.16x vs. 3.22x at the end of the preceding quarter
  • Announced the sale of Healthcare subsequent to the end of the quarter

MONTREAL, Nov. 14, 2023 /PRNewswire/ - (NYSE: CAE) (TSX: CAE) - CAE Inc. (CAE or the Company) today reported revenue of $1,088.5 million for the second quarter of fiscal 2024, compared with $993.2 million in the second quarter last year. Second quarter EPS was $0.18 compared to $0.14 last year. Adjusted EPS in the second quarter was $0.27 compared to $0.19 last year.

Operating income this quarter was $100.6 million (9.2% of revenue(1)), compared to $102.1 million (10.3% of revenue) last year. Second quarter adjusted segment operating income was $138.5 million (12.7% of revenue(1)) compared to $124.7 million (12.6% 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)


Q2-2024  


Q2-2023  


Variance %


ARIVA.DE Börsen-Geflüster

Kurse

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

Revenue

$

1,088.5

$

993.2


10 %

Operating income

$

100.6

$

102.1


(1 %)

Adjusted segment operating income(1)

$

138.5

$

124.7


11 %

As a % of revenue(1)

%

12.7

%

12.6



Net income attributable to equity holders of the Company

$

58.4

$

44.5


31 %

Earnings per share (EPS)

$

0.18

$

0.14


29 %

Adjusted EPS(1)

$

0.27

$

0.19


42 %

Adjusted order intake(1)

$

1,183.6

$

1,294.6


(9 %)

Adjusted backlog(1)

$

11,773.1

$

10,637.9


11 %

(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 delivered a good performance overall in the second quarter, with double-digit top- and bottom-line growth, driven mainly by strong momentum in Civil and a higher contribution from Defense compared to last year. We also further bolstered our financial position on the path to meeting our short-term leverage target," said Marc Parent, CAE's President and Chief Executive Officer. "We made excellent progress in the quarter to secure CAE's future with nearly $1.2 billion in total adjusted order intake, for a record $11.8 billion adjusted backlog. Orders in Civil included 15 full flight simulators, long-term training agreements, and contracts for our next-gen crew management and aircraft operations solutions. In Defense, we continued to build our backlog with orders exceeding revenue in the quarter for simulation-based training solutions and support services. Following the end of the quarter, we announced a definitive agreement to sell Healthcare for an enterprise value of $311 million, a decision which better positions CAE to efficiently allocate capital and resources to secure growth opportunities in our large core simulation and training markets. We are proud of CAE Healthcare's significant contribution to patient safety and expect this to continue. Healthcare will be well positioned to support future growth under its excellent leadership and new ownership, focused on evolving simulation to drive patient safety and quality outcomes. As we look to the period ahead, we now expect Civil growth this fiscal year in the mid- to high-teens percentage range of adjusted segment operating income growth. The higher expected growth is based on our strong performance across all regions year to date, including Asia which had been lagging in the global air travel recovery. We also have good demand visibility given the regulated nature of aviation training. We expect Civil performance to be weighted more to the fourth quarter, based on planned simulator deliveries and training seasonality. In Defense, we will continue to transform our business by replenishing our backlog with more profitable programs and by retiring legacy contracts, which have been most affected by inflationary pressures. U.S. budget appropriation uncertainty is causing delays to our expected ramp up of new programs in backlog and to awards expected from our pipeline. As such, we currently expect Defense second-half adjusted segment operating income margins to remain in the mid-single-digit percentage range. The anticipated positive inflection in Defense performance is expected to occur during the next fiscal year, but will ultimately depend on the duration and magnitude of delays to new programs in the current environment. We are firmly focused on retiring legacy contracts as soon as possible and to mitigating the cost pressures associated with them. We remain very pleased with the accretive margin profile on our newly awarded work, which continues to underlie our conviction in our low double-digit margin target at steady state. 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)
Second quarter Civil revenue was $572.6 million vs. $507.2 million in the second quarter last year. Operating income was $88.4 million (15.4% of revenue) compared to $88.4 million (17.4% of revenue) in the same quarter last year. Adjusted segment operating income was $114.3 million (20.0% of revenue) compared to $104.4 million (20.6% of revenue) in the second quarter last year. During the quarter, Civil delivered 11 full-flight simulators (FFSs) to customers and second quarter Civil training centre utilization was 71%.

During the quarter, Civil signed training solutions contracts valued at $617.8 million, including a range of long-term commercial and business aviation training agreements and 15 FFS sales. Civil FFS orders total 37 for the first half of the fiscal year.

Notable Civil contract awards for the quarter included 15 FFS sales, including a multiyear purchase of six Boeing B737 Max simulators and two previous B737 Max simulator options converted to firm orders for Ryanair and two Airbus A320 simulators for United Airlines. In commercial aviation Civil signed a multi-year aviation training agreement with Delta Airlines, and in business aviation, it signed a 2‑year training agreement with Windrose Air Jetcharter GmbH. In Flight Operations Solutions, Civil signed long-term, next-gen crew management and flight operations solutions agreements with Wizz Air and Air India.

The Civil book-to-sales ratio(1) was 1.08 times for the quarter and 1.27 times for the last 12 months. The Civil adjusted backlog at the end of the quarter was a record $5.9 billion.

Summary of Civil Aviation results

(amounts in millions)


Q2-2024   


Q2-2023  


Variance %

Revenue

$

572.6

$

507.2


13 %

Operating income

$

88.4

$

88.4


— %

Adjusted segment operating income

$

114.3

$

104.4


9 %

As a % of revenue

%

20.0

%

20.6



Adjusted order intake

$

617.8

$

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