By Shares of flight training company CAE saw a surge in value this morning following the release of its first fiscal quarter results for 2024. The company exceeded expectations, reporting impressive growth in both profit and revenue.
At 10:21 a.m. ET, shares were trading 7.7% higher at 31.81 Canadian dollars ($23.73).
For the period ended June 30, CAE reported net income of C$65.3 million, or C$0.20 per share. This is a significant increase compared to C$1.7 million, or C$0.01 per share from the previous year. Adjusted earnings for the quarter stood at C$0.24 per share, surpassing analyst predictions of C$0.20 per share according to a poll on FactSet.
Not only did CAE exceed profit expectations, but its revenue also showed remarkable growth. Revenue climbed to C$1.05 billion, up from C$933.3 million in the same period last year. Analyst forecasts predicted revenue of C$1.03 billion for this quarter, making CAE’s performance even more impressive.
The company attributes its success in the quarter to strong growth in its key segments. The civil unit experienced a significant increase in revenue, generating C$540.3 million compared to C$480.4 million the previous year. Similarly, the defense and security segment saw revenue grow to C$471.7 million from C$413.3 million.
Overall, CAE’s Q1 performance demonstrates its ability to thrive in the current market. With an impressive increase in both profit and revenue, the company is well-positioned for continued success.
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