Highlights
- Sales increased to
$141.5 million , up 6.6% from$132.7 million a year ago - Operating income of
$9.1 million , compared to$8.6 million a year ago - Adjusted EBITDA1 increased to
$18.2 million or 12.9% of sales, compared to$16.2 million , or 12.2% of sales a year ago - Earnings per share remained stable at
$0.14 , while adjusted earnings1 per share increased to$0.14 , compared to$0.10 last year - Cash flows related to operating activities reflect higher working capital to support operations and growth
"Our second-quarter results demonstrate continued progression toward our historical level of profitability. The hard work of our teams and the actions we've taken are bearing fruit despite the persistent challenges brought by the instability of the global aerospace supply chain," said
"The expertise of our engineers and excellence of our manufacturing teams are attracting very strong demand for our services. As a result, we are well-positioned to participate in many programs across the world, that will drive our revenues for years to come," added
FINANCIAL HIGHLIGHTS | Three months ended | Six months ended | ||||||
(in thousands, except per share data) | 2023 | 2022 | 2023 | 2022 | ||||
Sales | $ 141,499 | $ 132,680 | $ 282,196 | $ 246,769 | ||||
Operating income | 9,101 | 8,562 | 16,597 | 11,208 | ||||
Adjusted EBITDA1 | 18,221 | 16,216 | 34,578 | 27,642 | ||||
Net income | 4,628 | 4,799 | 8,598 | 5,764 | ||||
Adjusted net income1 | 4,628 | 3,580 | 8,598 | 4,545 | ||||
Cash flows related to operating activities | (15,580) | 8,264 | (27,778) | 20,305 | ||||
Free cash flow (usage)1 | (21,424) | 699 | (41,967) | 5,229 | ||||
In dollars per share | ||||||||
EPS – basic and diluted | $ 0.14 | $ 0.14 | $ 0.25 | $ 0.17 | ||||
Adjusted EPS1 | 0.14 | 0.10 | 0.25 | 0.13 |
_________________________________ |
1 This is a non-IFRS measure. Please refer to the "Non-IFRS Financial Measures" section at the end of this press release. |
SECOND QUARTER RESULTS
Consolidated sales increased 6.6% to
Civil sales were up 29.8% to
Gross profit increased to
Operating income increased to
Net income for the second quarter of fiscal 2024 remained relatively stable at
SIX-MONTH RESULTS
Consolidated sales increased 14.3% to
Civil sales were up 35.3% to
Gross profit increased to
Operating income increased to
Net income for the six-month period of fiscal 2024 stood at
LIQUIDITY AND FINANCIAL POSITION
Cash flows related to operating activities represented a usage of
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.
Forward-looking statements are based on assumptions and uncertainties as well as on management's best possible evaluation of future events. 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. 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 from expected results. Please see the Risk Management section under Additional Information in the Corporation's MD&A, for further details regarding the material assumptions underlying the forecasts and guidance. Such forecasts and guidance 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.
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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