CAE shares rise as results beat expectations

CAE Inc. shares soared on better-than-expected fourth-quarter results and a record commercial aircraft backlog.

Shares in the Montreal-based maker of flight simulators were up more than 6 per cent at $11.24 in late-morning trading Thursday on the Toronto Stock Exchange.

That was down slightly from $11.37 earlier in the morning, a new 52-week high.

Net profit in the quarter was $43.8-million or 17 cents per share, down from $53.2-million or 21 cents per share in the year-earlier period.

Excluding one-item items, net profit in the fourth quarter was $53.9-million or 21 cents per share, above analysts' average estimate of 18 cents.

Revenue in the quarter rose 16 per cent to $587.9-million from $506.7-million.

The backlog increased 9.9 per cent to a record $4.09-billion, the first time in the company's history it exceeded the $4-billion mark, said chief executive officer Marc Parent.