Heroux-Devtek Reports Strong Growth in First Quarter
Canadian supplier Heroux-Devtek reports strong growth and increased profit in the first quarter, driven by civil and defense market segments.
Heroux-Devtek, the Canadian supplier of landing gear solutions, has announced a significant increase in its first-quarter profit. Both of its business units experienced strong growth during this period.
For the three months ending June 30, the company reported a net income of 4 million Canadian dollars ($3 million), or C$0.12 per share, compared to C$965,000, or C$0.03 per share, in the previous year.
Sales also showed a notable rise, reaching C$140.7 million, surpassing analyst expectations of $138.8 million. This growth was attributed to increases in both the civil and defense market segments, as well as a 5.5% positive impact from foreign exchange.
Civil sales saw an impressive surge of nearly 42%, reaching C$40.2 million. This was primarily driven by deliveries for the Boeing 777 and Embraer Praetor programs. Defense sales also experienced a 15% increase, amounting to C$90.5 million, due to improved operational alignment.
Overall, Heroux-Devtek's first-quarter results indicate a strong start to the year, demonstrating the company's ability to capitalize on market opportunities and deliver sustainable growth.