Q4 Highlights
- Sales of
$156.0 million , compared to$147.5 million last year - Operating income of
$9.9 million compared to$11.5 million last year - Adjusted EBITDA1 of
$19.6 million , or 12.6% of sales, compared to$22.1 million , or 15.0% last year - Earnings per share of
$0.18 from$0.33 last year, or$0.18 from$0.38 on an adjusted1 basis - Funded backlog of
$864 million , stable compared to last quarter and 27% higher than last year
"During the fourth quarter, we continued to improve our financial performance, generating
"Fiscal 2023 was a year of adjustment for the aerospace industry, as demand for civil products rebounded from a severe drop over the last two years. At Héroux-
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1 This is a non-IFRS measures. Please refer to the "Non-IFRS Measures" section at the end of this press release. |
FINANCIAL HIGHLIGHTS | Three months ended | Twelve months ended | ||
(in thousands, except per share data) | 2023 | 2022 | 2023 | 2022 |
Sales | $ 155,978 | $ 147,459 | $ 543,622 | $ 536,087 |
Operating income | 9,879 | 11,463 | 26,198 | 44,758 |
Adjusted EBITDA1 | 19,595 | 22,149 | 61,366 | 83,049 |
Net income | 6,288 | 11,459 | 13,825 | 32,140 |
Adjusted net income1 | 6,288 | 13,158 | 12,606 | 33,839 |
Cash flows related to operating activities | 4,518 | 10,016 | 30,060 | 63,166 |
Free cash flow (usage)1 | (8,740) | 6,843 | (1,718) | 45,894 |
in dollars per share | ||||
Diluted earnings per share | $ 0.18 | $ 0.33 | $ 0.40 | $ 0.90 |
Adjusted EPS1 | 0.18 | 0.38 | 0.37 | 0.95 |
As at |
| 2022 | ||
Funded backlog2 | $ 864,000 | $ 682,000 |
1.Non-IFRS financial measure. Refer to the Non-IFRS financial measures section for definitions and reconciliations to the most comparable IFRS measures. |
2. Represents firm orders. |
FOURTH QUARTER RESULTS
Throughput improved for a third consecutive quarter, reaching
Gross profit as a percentage of sales decreased from 17.6% last year to 14.6%, mainly due to inefficiencies resulting from production system disruptions and inflation, while government relief measures partly compensated for last year's COVID-19 disruptions, bearing a 0.7% positive impact on gross profit (none this year).
Operating income decreased to
Earnings per share decreased to
FISCAL 2023 RESULTS
Consolidated sales reached
Gross profit totaled
Operating income fell to
Earnings per share decreased to
FINANCIAL POSITION
As at
CONFERENCE CALL
Héroux-
If you are unable to call in at this time, you may access a tape-recording of the meeting by calling toll-free 1–888–390-0541 and entering the passcode 879912 on your phone. Local dial-in number is 416-764-8677. This recording will be available from
FORWARD-LOOKING STATEMENTS
Except for historical information provided herein, this press release contains information and statements of a forward-looking nature concerning the future performance of the Corporation.
Forward-looking statements are based on assumptions and uncertainties as well as on management's best possible evaluation of future events. Such factors include, but are not limited to customers, supply chain, the aerospace industry and the economy in general; the impact of other worldwide general economic conditions; industry conditions including changes in laws and regulations; increased competition; the lack of availability of qualified personnel or management; availability of commodities and fluctuations in commodity prices; financial and operational performance of suppliers and customers; foreign exchange or interest rate fluctuations; and the impact of accounting policies issued by international standard setters. Readers are cautioned that the foregoing list of factors that may affect future growth, results and performance is not exhaustive and undue reliance should not be placed on forward-looking statements.
As a result, readers are advised that actual results may differ from expected results. Please see the Economic Outlook section under Overview of the Business, as well as the Risk Management section under Additional Information in the Corporation's MD&A for the fourth quarter and fiscal year ended
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1 This is a non-IFRS measures. Please refer to the "Non-IFRS Measures" section at the end of this press release. |
NON-IFRS FINANCIAL MEASURES
Earnings before interest, taxes, depreciation and amortization ("EBITDA"), adjusted EBITDA, adjusted net income, adjusted earnings per share and free cash flow are financial measures not prescribed by International Financial Reporting Standards ("IFRS") and are not likely to be comparable to similar measures presented by other issuers. Management considers these to be useful information to assist investors in evaluating the Corporation's profitability, liquidity and ability to generate funds to finance its operations. Refer to Non-IFRS financial measures section under Operating Results in the Corporation's MD&A for definitions of these measures and reconciliations to the most comparable IFRS measures.
ABOUT HÉROUX-DEVTEK
Héroux-
SOURCE Héroux-
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