Heroux Devtek reports Q4 profit down from year ago, sales up
May 18, 2023 By The Canadian Press
LONGUEUIL, Que. — Heroux-Devtek Inc. reported a fourth-quarter profit of $6.3 million, down from $11.5 million a year earlier as its sales climbed higher.
The maker of aircraft landing gear says the profit amounted to 18 cents per diluted share for the quarter ended March 31, down from a profit of 33 cents per diluted share a year earlier.
Sales totalled $156.0 million, up from $147.5 million in the same quarter last year.
The company says civil sales were up 28.9 per cent, boosted by increased deliveries for the Boeing 777, Embraer Praetor and Falcon 6X programs, while defence sales were relatively stable.
On an adjusted basis, Heroux-Devtek says it earned 18 cents per share, down from an adjusted profit of 38 cents per share a year earlier.
The company’s funded backlog stood at $864 million, up from $682 million a year earlier.
“At Heroux-Devtek, our priority remains stabilizing our production system through a reliable supply chain and increased automation in our plants,” chief executive Martin Brassard said in a statement.
“We will also continue to improve our processes and our pricing structure with our customers and suppliers. We are confident that these measures will return our profitability to higher levels.”