Restructured Heroux-Devtek shows reduced Q4 profit, revenue from core operations

LONGUEUIL, Que. – Quebec-based aerospace company Heroux-Devtek Inc. (TSX:HRX) has reported lower fourth-quarter profit.

The company, based in Longueuil near Montreal, says it had $8.4 million of net income in the three-month period, down from $8.9 million or 29 cents per share a year earlier.

The quarter ended March 31 included $4.7 million or 15 cents per share from continuing operations, down from $5.6 million or 18 cents per share a year earlier.

Heroux-Devtek said its continuing operations experienced an unfavourable mix of parts sales to the military aftermarket and lower production volumes.

Thc company sold it aerostructure and industrial products operations last year to concentrate on making landing gear.

The discontinued operation accounted for $3.7 million of net income in the fourth quarter this year, up from $3.36 million in the comparable period last year.