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Héroux-Devtek reports lower Q1 profit amid supply chain issues

Canadian Press - Fri Aug 5, 1:34PM CDT
The Heroux-Devtek logo is seen in this undated handout. The company reported net income of $965,000 for its latest quarter, down from $6.7 million in the same period last year. THE CANADIAN PRESS/HO *MANDATORY CREDIT*

LONGUEUIL, Que. — Héroux-Devtek Inc. reported net income of $965,000 for its latest quarter, down from $6.7 million in the same period last year.

The Longueuil, Que.-based maker of aircraft landing gear says supply chain challenges and other constraints disrupted its production.

The company’s first quarter profit amounted to three cents per diluted share, down from 19 cents per diluted share a year earlier.

Sales for the quarter for the quarter ended June 30 totalled $114 million, down from $126 million in the same quarter last year.

On an adjusted basis, Héroux-Devtek says it earned $11.4 million for the quarter, down from an adjusted profit of $20 million a year earlier.

The company also announced a new contract with Boeing for the repair and overhaul of the main landing gear and side braces for the F/A-18 super Hornet and the EA-18G Growler.

This report by The Canadian Press was first published Aug. 5, 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.