Canadian Manufacturing

Heroux Devtek reports Q3 profit and revenue down, but beats expectations

Revenue totalled $150.3 million, down from $157.3 million a year earlier

February 5, 2021  The Canadian Press

LONGUEUIL, Que. — Heroux-Devtek Inc. beat expectations even as its profit and revenue in its most recent quarter fell compared with a year earlier.

The maker of aircraft landing gear says it earned $8.5 million or 24 cents per diluted share for the quarter ended Dec. 31, down from $8.7 million or 24 cents per share a year earlier.

Revenue totalled $150.3 million, down from $157.3 million a year earlier.

The company says defence sales rose 21.1 per cent to $101.8 million in the quarter compared with 84.1 million a year earlier, while civil sales fell 33.7 per cent to $48.5 million compared with 73.2 million.

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On an adjusted basis, Heroux-Devtek says it earned 26 cents per share for the quarter, up from an adjusted profit of 24 cents per share a year earlier.

Analysts on average had expected an adjusted profit of 16 cents per share and $140 million in revenue, according to financial data firm Refinitiv.