HÉROUX-DEVTEK REPORTS THIRD QUARTER RESULTS
Highlights
- Sales increased to
$163.5 million , up 16.1% from$140.9 million a year ago - Operating income increased to
$15.6 million , compared to$5.1 million a year ago - Adjusted EBITDA1 increased to
$24.5 million or 15.0% of sales, compared to$14.1 million , or 10.0% of sales a year ago - Earnings per share and adjusted earnings per share1 increased to
$0.27 compared to$0.05 last year - Cash flows related to operating activities increased to
$11.0 million compared to$5.2 million last year
"We are proud to announce strong third quarter results reflecting progress in implementing our strategic initiatives. Our focus on stabilizing our production system is beginning to pay off and the effects of our pricing initiatives in response to inflationary pressures are accelerating. These factors drove solid recovery in both throughput and profitability this quarter, returning them to historical levels in a supply chain environment that remains challenging," said
"Looking ahead, the bright outlook of the aerospace market, the business opportunities and the momentum of our strategic initiatives over the next few years allow us to foresee a continued upward trend in sales volume and profitability beyond the sales and margins we have generated in the past. As we navigate the path forward, we appreciate the continued support of our clients, employees, and partners," added
FINANCIAL HIGHLIGHTS |
Three months ended |
Nine months ended |
||||||
(in thousands, except per share data) |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Sales |
|
$ 163,518 |
|
$ 140,875 |
|
$ 445,714 |
|
$ 387,644 |
Operating income |
|
15,554 |
|
5,111 |
|
32,151 |
|
16,319 |
Adjusted EBITDA1 |
|
24,537 |
|
14,129 |
|
59,115 |
|
41,771 |
Net income |
|
8,980 |
|
1,773 |
|
17,578 |
|
7,537 |
Adjusted net income1 |
|
8,980 |
|
1,773 |
|
17,578 |
|
6,318 |
Cash flows related to operating activities |
|
10,968 |
|
5,237 |
|
(16,810) |
|
25,542 |
Free cash flow (usage)1 |
|
199 |
|
1,793 |
|
(41,768) |
|
7,022 |
In dollars per share |
|
|
|
|
|
|
||
EPS – basic and diluted |
|
$ 0.27 |
|
$ 0.05 |
|
$ 0.52 |
|
$ 0.22 |
Adjusted EPS1 |
|
0.27 |
|
0.05 |
|
0.52 |
|
0.18 |
_________________________________ |
1 This is a non-IFRS measure. Please refer to the "Non-IFRS Financial Measures" section at the end of this press release. |
THIRD QUARTER RESULTS
Consolidated sales increased 16.1% to
Civil sales were up 41.4% to
Gross profit increased to
Operating income increased to
Net income for the third quarter of fiscal 2024 increased to
NINE-MONTH RESULTS
Consolidated sales increased 15.0% to
Civil sales were up 37.6% to
Gross profit increased to
Operating income increased to
Net income for the nine-month period stood at
LIQUIDITY AND FINANCIAL POSITION
Cash flows related to operating activities reached
As at
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FORWARD-LOOKING STATEMENTS
Except for historical information provided herein, this press release contains information and statements of a forward-looking nature concerning the future performance of the Corporation, including sales volume and profitability. These statements are provided for the purpose of assisting the reader in understanding the Corporation's financial performance and prospects and to present management's assessment of future plans and operations, and the reader is cautioned that such statements may not be appropriate for other purposes.
Forward-looking statements are based on assumptions and on management's best possible evaluation of future events and are subject to risks, uncertainties and other important factors that could cause the Corporation's actual performance to differ materially from expected results expressed in or implied by such statements. Such factors include, but are not limited to customers, supply chain, the aerospace industry and the economy in general; the impact of other worldwide geopolitical and general economic conditions; industry conditions including changes in laws and regulations; increased competition; the lack of availability of qualified personnel or management; availability of commodities and fluctuations in commodity prices; financial and operational performance of suppliers and customers; foreign exchange or interest rate fluctuations; and the impact of accounting policies issued by international standard setters. For further details, please see the Risk Management section under Additional Information in the Corporation's MD&A. Readers are cautioned that the foregoing list of factors that may affect future growth, results and performance is not exhaustive and undue reliance should not be placed on forward-looking statements.
As a result, readers are advised that actual results may differ materially from expected results. Unless otherwise required by applicable securities laws, the Corporation expressly disclaims any intention, and assumes no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
NON-IFRS FINANCIAL MEASURES
Earnings before interest, taxes, depreciation and amortization ("EBITDA"), adjusted EBITDA, adjusted net income, adjusted earnings per share and free cash flow are financial measures not prescribed by International Financial Reporting Standards ("IFRS") and are not likely to be comparable to similar measures presented by other issuers. Management considers these to be useful information to assist investors in evaluating the Corporation's profitability, liquidity and ability to generate funds to finance its operations. Refer to Non-IFRS Financial Measures section under Operating Results in the Corporation's MD&A for definitions of these measures and reconciliations to the most comparable IFRS measures.
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