Montreal-based CAE reported net income of $3.7 million for the first quarter of its fiscal year 2023, down 92% from the result for the same period last year past.
This therefore represents diluted earnings per share of 1 cent for the beginning of the financial year, compared to 16 cents a year earlier.
Revenue from activities however, increased to $933.3 million this quarter from $752.7 million for the prior year.
“Our results were mixed in the first quarter, with Civil reporting results in line with our vision of strong year-on-year growth, while Defense was well below our expectations, due to separate program charges and short-term headwinds early in this growth journey which will be spread over several years”, declared Wednesday by press release Marc Parent, president and ch ef from CAE management.
Orders reached a total value of more than $1 billion and a record backlog of $10 billion.
“We have reviewed at lower our forecast for the current fiscal year. Indeed, we now expect consolidated adjusted segment operating income to grow around 25%, in order to take into account the expenses related to two programs in the United States already incurred in the Defense segment and to reflect the more that we are currently experiencing across the industry, namely supply chain pressures, labor shortages and the slowdown in defense contracts,” added Mr. Parent.
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