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CAE reports second quarter fiscal 2018 results

Nachrichtenquelle: Marketwired
10.11.2017, 14:15  |  320   |   |   

MONTREAL, CANADA--(Marketwired - Nov. 10, 2017) - (NYSE:CAE)(TSX:CAE) - CAE today reported revenue of $646.0 million for the second quarter of fiscal year 2018, compared with $635.5 million in the second quarter last year. Second quarter net income attributable to equity holders from continuing operations was $65.2 million ($0.24 per share) compared to $48.3 million ($0.18 per share) last year. Excluding the gain on the divestiture of the Zhuhai Flight Training Centre (ZFTC), net income in the second quarter would have been $58.2 million ($0.22 per share).

Second quarter total segment operating income was $109.3 million ($95.0 million before ZFTC gain) compared with $85.8 million in the second quarter last year. All financial information is in Canadian dollars unless otherwise indicated.

"Our performance in the quarter continues to support our full year outlook," said Marc Parent, CAE's President and Chief Executive Officer. "The high level of business activity we are experiencing adds to our confidence. In the quarter, we had continued strong results in Civil and we are seeing positive momentum in Defence and Healthcare. Total orders for the quarter reached $931 million, with more than half coming from our Defence customers. Overall, the environment remains favourable for CAE and we expect to continue winning our fair share from a large pipeline of opportunities."

Summary of consolidated results

(amounts in millions) Q2-2018 Q1-2018 Q4-2017 Q3-2017 Q2-2017
Revenue $ 646.0 698.9 734.7 682.7 635.5
Total segment operating income(3) $ 109.3 97.8 120.9 101.4 85.8
Operating profit(4) $ 109.3 97.8 100.9 98.6 76.2
As a % of revenue % 16.9 14.0 13.7 14.4 12.0
Restructuring, integration and acquisition costs, net of tax $ - - 15.0 2.0 7.2
Net income $ 67.0 65.4 69.1 69.3 48.9
Net income attributable to equity holders of the Company:
from continuing operations $ 65.2 63.8 67.4 67.6 48.3
from discontinued operations $ - - (0.7 ) 0.2 0.1
Net income before specific items(5) $ 65.2 63.8 82.4 69.6 55.5
Total backlog $ 6,713.6 7,326.2 7,530.2 7,393.1 6,535.0

Civil Aviation Training Solutions (Civil)

Second quarter Civil revenue was $349.0 million, down 2% compared to the same quarter last year. Segment operating income was $77.1 million (22.1% of revenue) in the second quarter, which includes a gain on the ZFTC divestiture. Excluding this gain, segment operating income would have been $62.8 million (18.0% of revenue), up 16% compared to the second quarter last year. Second quarter Civil training centre utilization(6) was 70%.

During the quarter, Civil signed training solutions contracts with an order intake(2) value of $387.6 million, including long term training contracts with Iberia Airlines, Brussels Airlines and Endeavor Air. Also during the quarter, Civil sold 11 full-flight simulators (FFSs), including a Boeing 777X FFS to Lufthansa Aviation Training, an Airbus A320NEO FFS and Boeing 737MAX FFS to Korean Air, and a Boeing 737MAX FFS to Fiji Airways. Civil sold 19 FFSs in the first half of the fiscal year.

The Civil book-to-sales(2) ratio was 1.11x for the quarter and 1.03x for the last 12 months. The Civil backlog at the end of the quarter was $3.1 billion.

Summary of Civil Aviation Training Solutions results

(amounts in millions except operating margins, SEU and FFSs deployed) Q2-2018 Q1-2018 Q4-2017 Q3-2017 Q2-2017
Revenue $ 349.0 411.8 417.8 412.8 354.7
Segment operating income $ 77.1 73.1 83.8 71.4 54.2
Operating margins % 22.1 17.8 20.1 17.3 15.3
Total backlog $ 3,106.6 3,225.0 3,288.9 3,253.5 3,337.6
SEU(7) 199 209 210 209 210
FFSs deployed 249 269 269 269 269

Defence and Security (Defence)

Second quarter Defence revenue was $268.7 million, up 6% compared to the second quarter last year and segment operating income was $30.0 million (11.2% of revenue), up 3% compared to the second quarter last year.

Defence orders for the quarter were $515.5 million, including C-130J weapon systems trainers orders for the U.S. Air Force and Air National Guard. Highlighting the recurring nature of CAE's business, Defence signed a contract with the U.K. Ministry of Defence to continue providing aircrew training services at CAE's Medium Support Helicopter Aircrew Training Facility. Defence also received an order to continue providing T-44C aircrew training services to the U.S. Navy and contracts from the U.S. Air Force to continue providing KC-135 aircrew training services. The latter also involves the provision of simulator upgrades and modifications on the Air Force's existing KC-135 training devices. In the area of remotely piloted aircraft, Defence received a contract to continue providing the U.S. Air Force with MQ-1 Predator and MQ-9 Reaper aircrew training services and courseware development.

The Defence book-to-sales ratio was 1.92x for the quarter and 1.53x for the last 12 months (excluding contract options). The Defence backlog, including options and CAE's interest in joint ventures, at the end of the quarter was $3.6 billion.

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