Héroux-Devtek, a leading international manufacturer of aerospace products, has reported strong results for the fourth quarter and fiscal year ended March 31, 2019.
For fiscal 2019, consolidated sales reached CA$483.9 million, up 25.2% from CA$386.6 million in fiscal 2018. Commercial sales were at CA$236.3 million, up from CA$195.1 million a year ago, while defence sales stood at CA$247.6 million, up from CA$191.5 million last year. Sales growth was mainly driven by CESA and Beaver, followed by increased deliveries for the Boeing 777 and 777X programs, higher sales in the business jet market from the ramp-up of deliveries for the Embraer 450/500 program and higher sales of spares to the U.S. Government. Year-over-year fluctuations in the value of the Canadian currency versus foreign currencies had a positive net impact on sales of US$4.3 million.
Gross profit for fiscal 2019 increased to CA$83.2 million, or 17.2% of sales, from CA$61.3 million, or 15.9% of sales last year. Operating income was CA$37.2 million, or 7.7% of sales, from CA$23.4 million, or 6.0% of sales a year ago. Adjusted operating income grew to CA$41.6 million, or 8.6% of sales, up from CA$30.3 million last year, or 7.8% of sales. Adjusted EBITDA reached ca$74.2 million, or 15.3% of sales, up from ca$56.9 million, or 14.7% of sales last year.
Net income stood at CA$26.2 million an increase from CA$13.7 million in fiscal 2018. Adjusted net income stood at CA$30.4 million an increase from CA$24.2 million last year.
