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RTTNews) - Canadian aviation-training and simulation products provider CAE, Inc. (CAE: News ,CAE.TO: News ) on Wednesday reported a 16 percent increase in profit for the first quarter, as a rebound in commercial aerospace industry and growth in emerging markets boosted results at its civil segments.
The company's net income for the first quarter rose to C$43.1 million or C$0.17 per share from C$37.2 million or C$0.14 per share a year ago.
On average, twelve analysts polled by Thomson Reuters expected the company to report earnings of C$0.17 per share for the quarter. Analysts' estimate typically excludes special items.
Revenue for the quarter grew 17 percent to C$427.9 million from C$366.4 million in the same period last year. Analysts had a consensus estimate for the quarter of C$426.12 million.
Marc Parent, President and Chief Executive Officer of CAE said, "We had good performance this quarter led by our Civil business, which continues to benefit from the commercial aerospace up-cycle and our leadership positions in emerging markets."
Parent added, "Full-flight simulator sales are off to a strong start and we signed three pivotal joint venture agreements, including the total outsourcing of training by AirAsia, one of the world's fastest growing airlines. In Defence, order delays added margin pressure but we achieved solid revenue growth over last year."
Revenue for the company's combined civil segments increased 19 percent to C$210.1 million. The company noted that civil market activity strengthened in the quarter with 11 full-flight simulator orders for customers in Asia, Europe and the Americas.
Combined military segments revenue was C$206.4 million, up 14 percent from the prior-year quarter, while revenue for the new core markets segment surged 48 percent to C$11.4 million.
CAE said it made the decision this quarter to report new core markets or NCMs as a separate business segment in order to provide investors with a clearer view of the performance of its training and services/civil segment, which previously included NCMs.
The company's backlog at the end of the second quarter was C$3.46 billion, up from C$3.12 billion at the end of the year-ago period.
Looking ahead, Parent said, "The market outlook has become more challenging as governments re-evaluate their force structures and contend with budget constraints. However, our healthy backlog, long-term value proposition and position in key growth defence markets give us confidence for future growth."
CAE will pay a dividend of C$0.04 per share on September 30, 2011 to shareholders of record at the close of business on September 15, 2011.
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