CAE notes bump in revenue and profit in Q4
Montreal - CAE has reported revenue of $631.6 million for the fourth quarter of fiscal year 2015, representing a 10% increase from the fourth quarter last year.
Operating profit for the quarter was up 22% to $105.4 million and operating margin expanded 160 basis points to 16.7% from the fourth quarter last year. The effective tax rate for the quarter was 23% compared to 15% last year. Fourth quarter net income attributable to equity holders from continuing operations was $63.3 million ($0.24 per share), up 6% from the same period last year.
Full year fiscal 2015 revenue was $2.2 billion, an increase of 8% from fiscal year 2014. Annual operating profit increased 15% to $332.8 million, resulting in an operating profit margin expansion of 90 basis points to 14.8% from fiscal year 2014. The effective tax rate for the year was 22% compared to 13% in the prior year. Fiscal year 2015 net income attributable to equity holders from continuing operations was $201.2 million ($0.76 per share), up 7% compared to last year. All financial information is in Canadian dollars.
“I’m pleased with fourth quarter and fiscal year performance overall, having met most of our strategic and financial milestones,” said Marc Parent, CAE’s President and Chief Executive Officer. “We generated record revenues with higher operating profits, and reached a new record backlog. Our Civil business achieved double-digit revenue growth and a higher operating margin for the year, notwithstanding a slower ramp up in training centre utilization than we anticipated in the last quarter. In Defence, we achieved top and bottom line growth in a down defence market, and we reached a book-to-sales(3) ratio above one time in the fourth quarter. In Healthcare, we demonstrated strong revenue and operating income growth, reaffirming our conviction in this market. For the year, higher cash flow from operations and lower capital expenditures(4) enabled us to further strengthen our balance sheet. We look forward to more success in fiscal year 2016 and we are encouraged by the long term growth potential for CAE with its industry leading training solutions.”