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CAE profits fall as supply-chain headwinds persist
MONTREAL — CAE Inc. is reporting a big drop in profits for its latest quarter as the company grapples with supply-chain constraints.
The flight simulator maker says net income attributable to shareholders fell 26 per cent to $48.3 million in the quarter ended June 30 from $65.3 million in the same period a year earlier.
The Montreal-based company says its revenue rose six per cent to $1.07 billion from $1.01 billion the year before.
CAE says adjusted earnings in its first fiscal quarter decreased 13 per cent to 21 cents per share from 24 cents per share last year.
CAE chief executive Marc Parent says the company's more than 50 per cent year-over-year backlog growth to $17 billion speaks to a sunny horizon despite "supply-chain headwinds."
The company says it is targeting about 10 per cent growth in adjusted operating income for its civil aviation segment this year and annual revenue growth in the low- to mid-single-digit range for its beleaguered defence business.
This report by The Canadian Press was first published Aug. 13, 2024.
Companies in this story: (TSX:CAE)
