Highlights
- Sales of
$132.7 million , stable with$131.3 million a year ago, but an increase of$18.6 million compared to the first quarter - Operating income at
$8.6 million , compared to$12.0 million last year and$2.6 million in the first quarter - Adjusted EBITDA1 reached
$16.2 million , compared to$21.2 million a year ago and$11.4 million in the first quarter - Cash flows related to operating activities decreased to
$8.3 million following investment in inventory - Strong backlog bolstered by aftermarket and business jet orders
- New life-cycle contract with Embraer to design, develop, and manufacture the main deck cargo door actuation system for the E190F and E195F Freighter conversion program
1 | This is a non-IFRS measure. Please refer to the "Non-IFRS Measures" section at the end of this press release. |
"I am encouraged with the improvement in our throughput compared to the first quarter, with sales reaching
"Having worked closely with our teams and strategically increased our inventory, we are in a better position today to satisfy the needs of our customers, though we expect the environment to remain challenging in the coming quarters. Customer demand for our products remains strong, and has in fact increased with aftermarket and business jet orders. Our main challenge at the moment is to satisfy that demand while navigating the volatile production environment. Our talented and dedicated teams will enable us to deliver on that demand, seize the opportunities that may arise in the market, and emerge stronger," added
FINANCIAL HIGHLIGHTS | Three months ended | Six months ended | |||||
September 30, | |||||||
(in thousands, except per share data) | 2022 | 2021 | 2022 | 2021 | |||
Sales | |||||||
Operating income | 8,562 | 11,953 | 11,208 | 22,750 | |||
Adjusted operating income1 | 7,343 | 11,953 | 9,989 | 22,750 | |||
Adjusted EBITDA1 | 16,216 | 21,157 | 27,642 | 41,206 | |||
Net income | 4,799 | 7,510 | 5,764 | 14,213 | |||
Adjusted net income1 | 3,580 | 7,510 | 4,545 | 14,213 | |||
Cash flows related to operating activities | 8,264 | 17,467 | 20,305 | 35,652 | |||
Free cash flow1 | 699 | 11,212 | 5,229 | 25,595 | |||
In dollars per share | |||||||
EPS – basic and diluted | |||||||
Adjusted EPS1 | 0.10 | 0.21 | 0.13 | 0.40 |
1 | This is a non-IFRS measure. Please refer to the "Non-IFRS Measures" section at the end of this press release. |
SECOND QUARTER RESULTS
Consolidated sales increased slightly to
Civil sales rose 10.7% to
Gross profit as a percentage of sales decreased from 16.9% last year to 13.8%, mainly due to inefficiencies resulting from the production system disruptions mentioned above and a less favourable product mix, while the Canadian Emergency Wage Subsidy compensated for last year's COVID-19 disruptions, representing 1.8% of sales.
Operating income decreased to
Earnings per share decreased to
SIX-MONTH RESULTS
Consolidated sales decreased 4.2% to
Gross profit as a percentage of sales decreased to 12.5% from 17.0% last year, a result of lower throughput as well as the unfavourable factors described above.
Operating income fell to
EPS decreased from
FINANCIAL POSITION
Cash flows related to operating activities reached
As at
CONFERENCE CALL
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FORWARD-LOOKING STATEMENTS
Except for historical information provided herein, this press release contains information and statements of a forward-looking nature concerning the future performance of the Corporation.
Forward-looking statements are based on assumptions and uncertainties as well as on management's best possible evaluation of future events. Such factors include, but are not limited to: the effect of the ongoing COVID-19 pandemic on Héroux-
As a result, readers are advised that actual results may differ from expected results. Please see the Risks and Uncertainties section under Additional Information in the Corporation's MD&A for the second quarter ended
NON-IFRS FINANCIAL MEASURES
Earnings before interest, taxes, depreciation and amortization ("EBITDA"), adjusted EBITDA, adjusted net income, adjusted earnings per share and free cash flow are financial measures not prescribed by International Financial Reporting Standards ("IFRS") and are not likely to be comparable to similar measures presented by other issuers. Management considers these to be useful information to assist investors in evaluating the Corporation's profitability, liquidity and ability to generate funds to finance its operations. Refer to Non-IFRS Financial Measures section under Operating Results in the Corporation's MD&A for definitions of these measures and reconciliations to the most comparable IFRS measures.
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