CAE has posted revenue of CA$993.2 million for the second quarter of fiscal 2023, compared with CA$814.9 million in the second quarter of last year. Second-quarter net income attributable to equity holders was CA$44.5 million compared to CA$14.0 million last year. Adjusted net income in the second quarter of fiscal 2023 was CA$61.5 million compared to CA$53.2 million last year.
Operating income this quarter was CA$102.1 million (10.3% of revenue), compared to CA$39.2 million (4.8% of revenue) last year. Second-quarter adjusted segment operating income was CA$124.7 million (12.6% of revenue) compared to CA$90.7 million (11.1% of revenue) last year.
Second quarter Civil revenue was CA$507.2 million vs. CA$362.1 million in the second quarter last year. Operating income was CA$88.4 million compared to CA$49.9 million in the same quarter last year. Adjusted segment operating income was CA$104.4 million (20.6% of revenue) compared to CA$65.3 million (18.0% of revenue) in the second quarter last year. During the quarter, Civil delivered ten full-flight simulators (FFSs) to customers and second-quarter Civil training centre utilization was 66%.
CAE incurred restructuring, integration, and acquisition costs of $22.6 million during the second quarter of fiscal 2023, relating mainly to the fiscal 2022 acquisitions of L3Harris Technologies’ Military Training business (L3H MT) and Sabre’s AirCentre airline operations portfolio (AirCentre).
Net cash provided by operating activities was CA$138.0 million for the quarter, compared to CA$30.9 million in the second quarter last year. Free cash flow was CA$108.4 million for the quarter compared to CA$19.4 million in the second quarter last year. (£1,00 = CA$1.56 at time of publication)