News
Heroux Devtek reports lower third-quarter profits
Feb. 5, 2010, Longueuil, Que. - Canadian aeropace manufacturer Heroux-Devtek
Inc. says its third-quarter revenue and profit fell, in part because of currency fluctuations.
February 5, 2010 By The Canadian Press
The Montreal-area company says its net income dropped to $3.5 million or 12 cents per share in the final three months of 2009, its fiscal third quarter.
That's down from from $5.2 million or 16 cents per share a year earlier.
Heroux-Devtek says its third-quarter sales declined by 10.3 per cent to $76.7 million from $85.6 million a year earlier.
The company says fluctuations in the values of the Canadian and U.S. dollars were partly to blame for the reduced sales and profit margins.
The American dollar fell against several major currencies in the last half of 2009, including the Canadian dollar.
