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CAE reports Q2 revenue up, profit down due to restructuring costs

MONTREAL – CAE Inc. (TSX:CAE) said Thursday revenue was up in its latest quarter but its profit was hurt by restructuring costs.

The flight simulator maker said its profit attributable to shareholders totalled $48.4 million or 18 cents per share for the quarter ended Sept. 30.

That compared with a profit of $68.8 million or 26 cents per share a year earlier.

Excluding restructuring and other one-time costs, CAE said it earned $55.5 million or 21 cents per share in the quarter compared with a profit of $47.7 million or 18 cents per share last year.

Revenue in what was the company’s second quarter grew to $635.5 million compared with $616.8 million in the same quarter last year.

“We had good performance in the second quarter and we are tracking our full-year outlook for growth,” CAE president and chief executive Marc Parent said in a statement.

Civil revenue in the quarter totalled $354.7 million, down from $365.2 million a year ago.

CAE said it signed a series of training contracts valued at $457.6 million, including the sale of 12 full-flight simulators. The company also said since the end of the quarter it has sold an additional five full-flight simulators to a Chinese airline.

Defence revenue amounted to $253.2 million, up from $226.2 million in the same quarter last year, while health-care revenue was $27.6 million compared with $25.4 million a year ago.