HÉROUX-DEVTEK REPORTS RECORD FOURTH QUARTER RESULTS
Highlights
- Sales of
$184.1 million , up 18.0% from$156.0 million a year ago - Operating income of
$27.6 million , compared to$9.9 million a year ago - Adjusted EBITDA1 of
$33.1 million or 18.0% of sales, compared to$19.6 million or 12.6% of sales a year ago - Earnings per share increased to
$0.61 compared to$0.18 last year and to$0.49 from$0.18 on an adjusted1 basis - Cash flows related to operating activities increased to
$19.7 million compared to$4.5 million last year - Backlog reached a record
$951.0 million , bolstered by both civil and defence orders, up from$864.0 million last year
"I am proud to announce a very strong quarter of sales and profitability. These results were driven by the many measures put in place over the last two years to improve productivity through automation, the stabilization of our production systems and pricing initiatives. I am confident that this marks the beginning of a sustainable trend of improving performance propelled by our great teams who are now better equipped to manage the persistent supply chain issues," said
"As we look ahead, the current macroeconomic environment is favourable for Héroux-
FINANCIAL HIGHLIGHTS |
Quarters ended |
|
Twelve months ended |
||||
(in thousands, except per share data) |
2024 |
|
2023 |
|
2024 |
|
2023 |
Sales |
$ 184,053 |
|
$ 155,978 |
|
$ 629,767 |
|
$ 543,622 |
Operating income |
27,612 |
|
9,879 |
|
59,763 |
|
26,198 |
Adjusted EBITDA1 |
33,069 |
|
19,595 |
|
92,184 |
|
61,366 |
Net income |
20,693 |
|
6,288 |
|
38,271 |
|
13,825 |
Adjusted net income1 |
16,732 |
|
6,288 |
|
34,310 |
|
12,606 |
Cash flows related to operating activities |
19,743 |
|
4,518 |
|
2,933 |
|
30,060 |
Free cash flow1 |
10,267 |
|
(8,740) |
|
(31,501) |
|
(1,718) |
In dollars per share |
|
|
|
|
|||
EPS – diluted |
$ 0.61 |
|
$ 0.18 |
|
$ 1.13 |
|
$ 0.40 |
Adjusted EPS1 |
0.49 |
|
0.18 |
|
1.01 |
|
0.37 |
__________________________________ |
1 This is a non-IFRS measure. Please refer to the "Non-IFRS Measures" section at the end of this press release. |
FOURTH
QUARTER RESULTS
Consolidated sales increased 18.0% to a record
Civil sales were up 55.0% to
Gross profit increased to
As a result, operating income increased to
Net income increased to
FISCAL 2024 RESULTS
Consolidated sales increased 15.8% to a record
Civil sales were up 42.6% to
Gross profit was
As a result, operating income increased to
Net income for the fiscal year stood at
FINANCIAL POSITION
Cash flows related to operating activities reached
As at
CONFERENCE CALL
Héroux-
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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.
ABOUT HÉROUX-DEVTEK
Héroux-
SOURCE Héroux-