Canadian Manufacturing

Heroux Devtek reports $6.7M Q1 profit, revenue down from year ago

Heroux-Devtek says it earned 19 cents per share in the quarter, compared with an adjusted profit of nine cents per share a year ago.

August 10, 2021  The Canadian Press

Heroux-Devtek Inc. reported a profit of $6.7 million in its latest quarter compared with a loss in the same quarter last year.

The maker of aircraft parts says the profit amounted to 19 cents per diluted share for the quarter ended June 30, compared with a loss of $1.3 million or four cents per share a year ago.

Revenue for what was the first quarter of the company’s financial year totalled $126.2 million, down from $128.3 million in the same quarter last year.

The company says, excluding the impact of foreign exchange rate fluctuations, defence sales rose 21.5 per cent, while civil sales fell 19.0 per cent.

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On an adjusted basis, Heroux-Devtek says it earned 19 cents per share in the quarter, compared with an adjusted profit of nine cents per share a year ago.

Analysts on average had expected an adjusted profit of 15 cents per share, according to financial markets data firm Refinitiv.