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Héroux-Devtek reports Q4 profit up from year ago, sales down

Canadian Press - Thu May 19, 8:28AM CDT

LONGUEUIL, Que. — Héroux-Devtek Inc. reported net income of $11.5 million for its fourth quarter, up from a profit of $8.8 million in the same quarter last year.

The maker of aircraft landing gear says the profit amounted to 33 cents per diluted share for the quarter ended March 31, up from 24 cents per diluted share a year earlier.

Sales for the quarter totalled $147.5 million, down from $155 million.

The company says the defence sales rose to $109.5 million compared with $107.3 million a year ago, mainly as a result of increased deliveries under contracts for Boeing F-18, Sikorsky CH-53K and Boeing MQ-25.

Civil sales fell to $37.9 million compared with $47.7 million a year ago due in large part to lower deliveries for large commercial programs and the repatriation by customers of certain contracts.

On an adjusted basis, Héroux-Devtek says it earned 38 cents per share for the quarter, up from an adjusted profit of 28 cents per share a year earlier.

This report by The Canadian Press was first published May 19, 2022.

Companies in this story: (TSX:HRX)

Provided Content: Content provided by Canadian Press. The Globe and Mail was not involved, and material was not reviewed prior to publication.