Canadian Manufacturing

ATS reports Q3 2020 profit up compared to previous year’s, beating expectations

Revenue totalled $369.7 million, up from $367.2 million.

February 3, 2021  The Canadian Press

ATS Automation Tooling Systems Inc. beat expectations as it reported its third-quarter profit rose compared with a year ago as it reduced costs.

The maker of automation systems says it earned $18.9 million or 20 cents per share for the quarter ended Dec. 27, up from $4.1 million or four cents per share a year earlier.

Revenue totalled $369.7 million, up from $367.2 million.

The company’s order backlog rose to $985 million compared with $939 million.

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On an adjusted basis, ATS says it earned 30 cents per share for the quarter, up from an adjusted profit of 26 cents per share a year earlier.

Analysts on average had expected a profit of 24 cents per share, according to financial data firm Refinitiv.