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CAE reports third quarter fiscal 2024 results
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PR Newswire
MONTREAL, Feb. 14, 2024
- Revenue of $1,094.5 million vs. $969.9 million in prior year
- Earnings per share (EPS) from continuing operations of $0.18 vs. $0.24 in prior year
- Adjusted EPS(1) of $0.24 vs. $0.27 in prior year
- Operating income of $121.6 million vs. $142.1 million in prior year
- Adjusted segment operating income(1) of $145.1 million vs. $156.8 million in prior year
- Adjusted order intake(1) of $1,273.9 million for an $11.7 billion adjusted backlog(1)
- Net debt-to-adjusted EBITDA(1) of 3.16x vs. 3.25x at the end of the preceding quarter
- Comparative figures have been reclassified to reflect discontinued operations
MONTREAL, Feb. 14, 2024 /PRNewswire/ - (NYSE: CAE) (TSX: CAE) - CAE Inc. (CAE or the Company) today reported revenue of $1,094.5 million for the third quarter of fiscal 2024, compared with $969.9 million in the third quarter last year. Third quarter EPS from continuing operations was $0.18 compared to $0.24 last year. Adjusted EPS in the third quarter was $0.24 compared to $0.27 last year.
Operating income this quarter was $121.6 million (11.1% of revenue(1)), compared to $142.1 million (14.7% of revenue) last year. Third quarter adjusted segment operating income was $145.1 million (13.3% of revenue(1)) compared to $156.8 million (16.2% of revenue) last year. All financial information is in Canadian dollars and results are presented on a continuing operations basis, unless otherwise indicated.
| Summary of consolidated results | | | | | | | |
| (amounts in millions, except per share amounts) | | Q3-2024 | | Q3-2023 | | Variance % Kurse
| |
| Revenue | $ | 1,094.5 | $ | 969.9 | | 13 % | |
| Operating income | $ | 121.6 | $ | 142.1 | | (14 %) | |
| Adjusted segment operating income(1) | $ | 145.1 | $ | 156.8 | | (7 %) | |
| As a % of revenue(1) | % | 13.3 | % | 16.2 | | | |
| Net income attributable to equity holders of the Company | $ | 56.5 | $ | 78.1 | | (28 %) | |
| Earnings per share (EPS) from continuing operations | $ | 0.18 | $ | 0.24 | | (25 %) | |
| EPS from discontinued operations | $ | (0.01) | $ | 0.01 | | (200 %) | |
| Adjusted EPS(1) | $ | 0.24 | $ | 0.27 | | (11 %) | |
| Adjusted order intake(1) | $ | 1,273.9 | $ | 1,189.7 | | 7 % | |
| Adjusted backlog(1) | $ | 11,746.3 | $ | 10,795.1 | | 9 % | |
| | | | | | | |
| (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. |
"Our performance in the third quarter reflects strong underlying demand for our Civil market solutions, and points to the ongoing progress to transform our Defense business. We also generated strong free cash flow, enabling us to bolster our financial position in line with our leverage targets," said Marc Parent, CAE's President and Chief Executive Officer. "Further securing CAE's future, we booked nearly $1.3 billion in total order intake during the quarter, for an $11.7 billion backlog. In Civil, orders were $845 million, for a 1.36 times book-to sales ratio, including 20 full-flight simulator orders, new training partnerships with marquee airlines such as Air France KLM Group, and over $300 million of business jet training orders. We have considerable headroom for growth in the civil aviation market and our continued positive momentum underscores the strong demand for CAE's highly differentiated training and flight services solutions and our ability to win share within this large secular growth market. In Defense, performance was consistent with our expectations at this point on the path toward being able to generate higher margins. We continued to replenish our backlog with more profitable work and sought to further accelerate the retirement of outstanding program risks, mainly associated with certain legacy Defense contracts that we entered into pre-COVID and have been most impacted by economic headwinds.
As we look to the remainder of the fiscal year, we continue to expect annual Civil adjusted segment operating income growth in the mid- to high-teens percentage range. In Defense, our focus remains on completing the remaining work scope on legacy contracts and as much as possible, accelerating risk retirements in the fourth quarter and into fiscal 2025. We expect to close the sale of our Healthcare business before the end of the fiscal year, subject to closing conditions, including customary regulatory approvals. This is a milestone toward the reinstatement of cash returns to shareholders and the Board is now actively evaluating options in terms of the form, quantum, and timing of such returns."
Civil Aviation (Civil)
Third quarter Civil revenue was $622.1 million vs. $517.4 million in the third quarter last year. Operating income was $101.0 million (16.2% of revenue) compared to $117.2 million (22.7% of revenue) in the same quarter last year. Adjusted segment operating income was $124.2 million (20.0% of revenue) compared to $131.4 million (25.4% of revenue) in the third quarter last year. During the quarter, Civil delivered 13 full-flight simulators (FFSs) to customers and third quarter Civil training centre utilization was 76%.
During the quarter, Civil signed training solutions contracts valued at $845.4 million, including a range of long-term commercial and business aviation training agreements and 20 FFS sales, for a total of 57 as of the end of the third quarter of the fiscal year. Notable awards in the quarter included long-term training services contracts with marquee airlines including Air France KLM Group, and it renewed a flight services agreement with Azul Linhas Aereas Brasileiras. Business aviation accounted for over $300 million of Civil adjusted order intake in the third quarter, driven primarily by training services agreements with U.S. based customers including, Solairus Aviation and Clay Lacy Aviation.
The Civil book-to-sales ratio(1) was a robust 1.36 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 $6.1 billion.
| Summary of Civil Aviation results | ||||||
| (amounts in millions) | | Q3-2024 | | Q3-2023 | | Variance % |
| Revenue | $ | 622.1 | $ | 517.4 | | 20 % |
| Operating income | $ | 101.0 | $ | 117.2 | | (14 %) |
| Adjusted segment operating income | $ | 124.2 | $ | 131.4 | | (5 %) |
| As a % of revenue | % Werbung Mehr Nachrichten zur CAE Aktie kostenlos abonnieren
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