February 21st, 2024

Aircraft landing gear maker Héroux-Devtek reports Q3 profit and sales up


By The Canadian Press on February 7, 2024.

MONTREAL – Héroux-Devtek Inc. reported a third-quarter profit of $9.0 million, up from $1.8 million a year earlier as its sales rose 16 per cent.

Chief executive Martin Brassard says the third-quarter results reflect the company’s progress in implementing its strategic initiatives.

The maker of aircraft landing gear says its profit amounted to 27 cents per diluted share for the quarter ended Dec. 31, up from five cents per share in the same quarter a year earlier.

Sales for the quarter totalled $163.5 million, up from $140.9 million.

The increase came as Héroux-Devtek’s civil sales rose 41 per cent to $63.8 million compared with $45.1 million a year earlier, boosted by deliveries for the Boeing 777 and Embraer Praetor programs.

The company’s defence sales totalled $99.7 million, up from $95.8 million a year earlier, helped higher by aftermarket business for legacy programs as well as increased deliveries for the Sikorsky CH-53K and Lockheed Martin F-35 programs, partly offset by delayed deliveries for the Boeing F-18 program.

This report by The Canadian Press was first published Feb. 7, 2024.

Companies in this story: (TSX:HRX)

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