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CAE share price surges after strong second quarter performance

MONTREAL — CAE Inc.’s share price surged after the company reported strong civil and defence performance in its second quarter results.

The Montreal-based builder of flight and health simulators saw its share price increase 18.17 per cent to $28.42 on the TSX at midday trading.

CAE says net income attributable to equity holders was $44.5 million, or 14 cents per share for the quarter ended Sept. 30, up from $14.0 million or 4 cents per share in the same quarter last year.

CAE attributes a strong consolidated-level performance in the second quarter to double-digit growth in the civil segment, better results in defence and renewed profitability in healthcare.

The company reaffirmed its outlook for the fiscal year after reducing the compound growth rate to mid-20 per cent last quarter.

On an adjusted basis, it earned 19 cents per share and $993.2 million in revenue, compared to an average analyst expectation of 17 cents per share and $949 million, according to estimates compiled by financial markets data firm Refinitiv.

News from © Canadian Press Enterprises Inc., 2021