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CAE shares rise as results beat expectations

A technician operates a CAE-built A330-200 passenger plane flight simulator at the Lufthansa Flight Training (LFT) centre in Berlin, in this file photo.

THOMAS PETER/REUTERS

CAE Inc. shares soared on better-than-expected fourth-quarter results and a record commercial aircraft backlog.

Shares in the Montreal-based maker of flight simulators were up more than 6 per cent at $11.24 in late-morning trading Thursday on the Toronto Stock Exchange.

That was down slightly from $11.37 earlier in the morning, a new 52-week high.

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Net profit in the quarter was $43.8-million or 17 cents per share, down from $53.2-million or 21 cents per share in the year-earlier period.

Excluding one-item items, net profit in the fourth quarter was $53.9-million or 21 cents per share, above analysts' average estimate of 18 cents.

Revenue in the quarter rose 16 per cent to $587.9-million from $506.7-million.

The backlog increased 9.9 per cent to a record $4.09-billion, the first time in the company's history it exceeded the $4-billion mark, said chief executive officer Marc Parent.

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About the Author
Quebec Business Correspondent

Bertrand has been covering Quebec business and finance since 2000. Before joining The Globe and Mail in 2000, he was the Toronto-based national business correspondent for Southam News. He has a B.A. from McGill University and a Bachelor of Applied Arts from Ryerson. More

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