CAE Inc. says its net profit attributable to shareholders soared last quarter as revenues increased even excluding ventilators sold to the Canadian government last year for people suffering from COVID-19.
The Montreal-based flight and health simulation company says it earned $55.1 million or 17 cents per diluted share in the fourth quarter of its fiscal year, up from $19.8 million or seven cents per share a year earlier.
Adjusted profits increased 46 per cent to $92 million or 29 cents per share, up from $63.2 million or 22 cents per share in the fourth quarter of 2021.
Revenues for the three months ended March 31 were $955 million, up seven per cent from $894.3 million a year earlier. However, revenues were up 25 per cent excluding the contribution from ventilators.
CAE delayed the release of its results by nearly two weeks to allow external auditors to complete their work.
The company was expected to earn 24 cents per share in adjusted profits on $958.1 million in revenues, according to financial data firm Refinitiv.
“I am very pleased with our strong performance in the fourth quarter and for the year, having delivered double-digit growth with higher margins, excellent free cash flow, and record order bookings,” stated CEO Marc Parent in a news release.
Civil operating income increased 43 per cent to $58.1 million on an 11 per cent increase in revenues, while defence and security swung to a $25.8-million profit on a 40 per cent boost in revenues.
The health-care division’s operating income dropped 40 per cent to $9.4 million as revenues slumped 69 per cent without the $130-million contribution last year from ventilators. Revenues rose 27 per cent excluding ventilators.
For the full-year, CAE earned $141.7 million on $3.37 billion of revenues, compared with a loss of $47.2 million on $2.98 billion in 2021.
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