CAE's (CAE) stock jumped 18% higher after the Montreal-based builder of flight simulators
reported better-than-expected financial results.
The company reported net income of $44.5 million, or $0.14 a share, for the quarter ended
September 30. That was up 218% from $14 million or $0.04 per share in the same period of
2021.
CAE attributed the strong results to double-digit growth in its civil segment, better results in
defence, and renewed profitability in its healthcare division.
The stronger civil performance was due to higher training network utilization and simulator
deliveries, said the company.
CAE’s backlog grew to $10.6 billion in the quarter, up from $8.8 billion a year ago. The company
reaffirmed its full-year outlook of growth in the mid 20% range.
With the sharp rise in its stock yesterday (November 10), CAE’s share price is now down 14%
on the year at $28.43.
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