Héroux-Devtek reports fiscal 2020 third quarter financial results

Héroux-Devtek has reported that consolidated sales grew 8.8% to CA$157.3 million, up from CA$144.5 million last year, including a 1.4% organic growth and a contribution of CA$10.8 million by the Corporation’s recent acquisitions. Commercial sales grew 11.8% from CA$65.5 million to CA$73.2 million, while defence sales were up 6.3%, from CA$79.0 million to CA$84.1 million.

Operating income increased to CA$13.5 million, or 8.6% of sales, up from CA$11.9 million, or 8.2% of sales last year. Adjusted EBITDA, which excludes non-recurring items, stood at CA$24.6 million, or 15.6% of sales, compared with CA$22.9 million, or 15.8% of sales, a year ago. Foreign exchange fluctuations had an unfavorable net impact of CA$1.1 million year-over-year, or 0.7% of sales.

The Corporation’s funded backlog increased to CA$839 million as at December 31, 2019, compared to CA$769 million as at September 30, 2019, mainly due to increased demand for defence products under long-term contracts.

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