CAE reports fourth-quarter profit and revenue down from year ago mark

MONTREAL – CAE Inc. reported its fourth-quarter profit fell compared with a year earlier as its revenue also dropped as it continued to feel the effects of COVID-19.

The flight simulator maker and training company says it earned $19.8 million in net income attributable to equity holders for the quarter ended March 31, down from a profit of $78.4 million a year earlier. The results include $58.6 million of restructuring charges.

The result amounted to a profit of seven cents per diluted share, down from a profit of 29 cents per diluted share a year earlier.

Revenue for the quarter totalled $894.3 million, down from $977.3 million in the same quarter last year.

On an adjusted basis, CAE says it earned $63.2 million or 22 cents per share for the quarter, down from an adjusted profit of $122.3 million or 46 cents per share a year earlier.

CAE says its adjusted profit excluding COVID-19 government support programs for the quarter was $35.9 million or 12 cents per share, down from a profit of $122.3 million or 46 cents per share last year.

“Given the magnitude of COVID-19 impacts, I am especially pleased with what we have been able to deliver in fiscal 2021,” stated CEO Marc Parent.

“In the face of the biggest-ever shock in the history of civil aviation and major disruptions across the defence and health-care markets, CAE rebounded to quarterly profitability and positive free cash flow after only our first quarter.”

CAE was expects to earn 21 cents per share in adjusted profits on $819 million of revenues, according to financial data firm Refinitiv.

For the full-year, CAE lost $47.2 million on $2.98 billion of revenues, compared with a profit of $311.4 million on $3.62 billion in 2019.

Adjusted profits decreased to $127.1 million or 47 cents per share, down from $359.7 million or $1.34 per share a year earlier.

This report by The Canadian Press was first published May 19, 2021.

Companies in this story: (TSX:CAE)