Héroux-Devtek reports Q3 profit down from year ago, sales higher

MONTREAL – Héroux-Devtek Inc. reported a profit of $1.8 million in its latest quarter, down from $6.5 million a year earlier as its sales climbed higher.

Héroux-Devtek CEO Martin Brassard says inflation and challenges in the company’s operating environment have increased the cost of deliveries, resulting in lower profitability.

The maker of aircraft landing gear says its profit amounted to five cents per diluted share for the three months ended Dec. 31, down from 19 cents per diluted share a year earlier.

Sales in what was the third quarter of the company’s financial year totalled $140.9 million, up from $131.1 million a year ago.

The company says the increase came as its civil revenue rose to $45.1 million compared with $36.5 million a year earlier, helped higher by increased deliveries for the Boeing 777, Embraer Praetor and Falcon 6X programs.

Defence sales in the quarter totalled $95.8 million, up from $94.6 million a year earlier.

This report by The Canadian Press was first published Feb. 8, 2023.

Companies in this story: (TSX:HRX)