LONGUEUIL – Aerospace parts maker Héroux-Devtek on Friday reported declining profits in the second quarter of its fiscal year.
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For the quarter ended at the end of September, the company reported net income of $ 3.8 million compared to $ 6.3 million for the corresponding period last year.
Earnings per share declined from $ 0.18 a year ago to $ 0.11 this year. Additionally, adjusted earnings per share remained relatively stable at $ 0.17 compared to $ 0.18.
Over the same period, the company had sales of $ 137.1 million, compared to $ 145.5 million last year.
“The strategy that we adopted from the start of the pandemic to align our cost structure with the new production rate in the civilian sector, while continuing to seize business development opportunities in our two sectors, is yielding the expected results. and I would like to thank our employees for all their efforts in the difficult circumstances we are living through, ”said Martin Brassard, President and CEO of Héroux-Devtek.
The latter said he was “encouraged by the manufacturing contract between CESA and Boeing, announced in October, which demonstrates the potential of cross-selling our activities”.
The Longueuil firm also indicated that about 70% of the job cuts planned for May have been carried out. At the time, we were talking about the loss of 225 jobs, including 125 in Quebec. Héroux-Devtek said it decided in October to close its factory in Wichita, Kansas, due to the decline in business volume, a decision that will affect 37 additional employees.