Héroux-Devtek termine son année financière 2015 en beauté.

Extraits du communiqué de presse : 

Heroux-Devtek Reports Fiscal 2016 Fourth Quarter and Year-End Results.

Wed May 25, 2016 7:00 AM|Marketwire

 

LONGUEUIL, QUEBEC — (Marketwired) — 05/25/16 — Fourth quarter highlights:

—  Sales of $117.5 million, up 10.8% from $106.1 million last year

—  30.3% increase in adjusted(1) EBITDA to $20.7 million, or 17.6% of

sales, versus 15.0% of sales a year ago

—  Adjusted(1) net income rose 21.9% to $9.1 million, or $0.25 per share,

compared to $7.5 million, or $0.21 per share last year

—  Capital investment plan essentially completed in preparation for the

Boeing 777 and 777X contract

Fiscal 2016 highlights:

—  Sales of $406.8 million, up 11.5% from $364.9 million last year

—  34.1% increase in adjusted(1) EBITDA to $64.1 million, or 15.7% of

sales, versus 13.1% of sales in fiscal 2015

—  Adjusted(1) net income rose 42.4% to $27.7 million, or $0.77 per share,

compared to $19.4 million, or $0.55 per share last year

—  Important long-term agreements signed in fiscal 2016, including two

landing gear systems design mandates

Heroux-Devtek Inc. (TSX: HRX), (“Heroux-Devtek” or the “Corporation”), a leading international manufacturer of aerospace products, today reported its results for the fourth quarter and fiscal year ended March 31, 2016. Unless otherwise indicated, all amounts are in Canadian dollars.

“In the last fiscal year, Heroux-Devtek methodically executed its business strategy and gained additional recognition as a world-class organization in its core landing gear market. We generated strong financial results, while achieving significant progress on our growth platforms. At year-end, we had essentially completed our capital investment plan in preparation for the Boeing 777 and 777X contract and final assembly of the pre-production shipset will be completed in the current quarter. During fiscal 2016, Heroux-Devtek was also awarded new design contracts that widened its market reach, renewed important long-term agreements, and further enhanced its ability to support existing products in the aftermarket. In recognition of the superior quality of its products and on-time deliveries, our Laval facility has just received a Top Supplier Award by Lockheed Martin Aeronautics for its contribution to the F-35 program, which reflects the talent and dedication of our team,” said Gilles Labbe, President and CEO of Heroux-Devtek.

—————————————————————————-

Quarters ended March  Fiscal years ended March

FINANCIAL HIGHLIGHTS                  31,                      31,

(in thousands of dollars,

except per share data)             2016       2015         2016        2015

—————————————————————————-

Sales                            117,496    106,054      406,812     364,916

EBITDA(1)                         20,713      2,679       62,590      24,921

Adjusted(1) EBITDA                20,713     15,899       64,070      47,781

Net income                         9,091     (1,640)      26,641       3,224

Per share – diluted ($)           0.25      (0.05)        0.74        0.09

Adjusted(1) net income             9,091      7,456       27,650      19,412

Per share ($)                     0.25       0.21         0.77        0.55

Weighted-average shares

outstanding (diluted, in

‘000s)                           36,188     36,056       36,119      35,016

—————————————————————————-

(1)  This is a non-IFRS measure. Please refer to the “Non-IFRS Measures”

section at the end of this press release.

FOURTH QUARTER RESULTS

Consolidated sales reached $117.5 million, compared with $106.1 million in the fourth quarter of fiscal 2015. This 10.8% increase reflects higher sales to the defence aerospace market, while year-over-year fluctuations in the value of the Canadian currency versus foreign currencies increased fourth-quarter sales by $9.8 million.

Commercial sales were $54.3 million, up 2.3% from $53.1 million last year. Excluding a $4.4 million year-over-year favourable currency effect, the net decrease stems from lower customer requirements on certain business jet programs, as well as lower production rates on the Airbus 330/340 and certain regional jet programs. These factors were partially offset by higher aftermarket sales in support of the Saab 340 program, as well as greater content and a higher production rate for the Boeing 787 aircraft.

Defence sales increased 19.3% from $53.0 million to $63.2 million. Excluding a $5.4 million year-over-year currency effect, the net increase reflects higher manufacturing sales to civil customers, in part due to the catch-up on certain programs, and greater repair and overhaul sales to the U.S. Air Force. These factors were partially offset by lower spare parts requirements from the U.S. government and lower engineering sales.

Gross profit reached $22.2 million, or 18.9% of sales, compared with $17.3 million, or 16.3% of sales, last year. The increase reflects a better product mix, the lower under-absorption of costs and favourable year-over-year currency fluctuations equivalent to 0.4% of sales. Adjusted EBITDA stood at $20.7 million, or 17.6% of sales, compared with $15.9 million, or 15.0% of sales, a year ago. Last year’s adjusted EBITDA excluded non-recurring charges of $13.2 million for the settlement of a litigation and restructuring charges.

Adjusted net income was $9.1 million, or $0.25 per share, in the fourth quarter of fiscal 2016, versus $7.5 million, or $0.21 per share, in the fourth quarter of fiscal 2015, excluding non-recurring charges of $9.1 million, net of taxes.

FISCAL 2016 RESULTS

For the fiscal year ended March 31, 2016, consolidated sales totalled $406.8 million, representing an increase of 11.5% from fiscal 2015 sales of $364.9 million. Year-over-year fluctuations in the value of the Canadian currency versus foreign currencies increased fiscal 2016 sales by $40.8 million. Commercial sales rose 18.8% to $206.5 million and grew 6.9% net of currency variations. In addition to the aforementioned factors, the increase reflects higher revenues from the sale of landing gear designed by Heroux-Devtek due to the ramp up of the Embraer Legacy 450/500 program. Defence sales increased 4.8% to $200.3 million, but decreased 5.7% net of currency variations. In addition to the factors mentioned above, the decline resulted from certain delayed deliveries with the U.S. government and lower throughput in the U.K.

Gross profit for fiscal 2016 amounted to $74.3 million, equivalent to 18.3% of sales, compared with $59.2 million, or 16.2% of sales, in fiscal 2015. This improvement reflects the factors listed above, including favourable year-over-year currency fluctuations equivalent to 1.5% of sales. Adjusted EBITDA reached $64.1 million, representing 15.7% of sales, up from $47.8 million, or 13.1% of sales, last year. Finally, adjusted net income was $27.7 million, or $0.77 per share, versus $19.4 million, or $0.55 per share, in the prior year.

FINANCIAL POSITION

As at March 31, 2016, Heroux-Devtek’s balance sheet remained healthy with cash and cash equivalents of $19.3 million, while total long-term debt was $147.2 million, including the current portion, but excluding net deferred financing costs. Long-term debt includes $70.7 million drawn against the Corporation’s authorized Credit Facility of $200.0 million. As a result, the Corporation’s net debt position stood at $128.0 million as at March 31, 2016, while the net-debt-to equity ratio was 0.39:1, stable compared with three months earlier.

UPDATE ON THE BOEING 777 AND 777X CONTRACT

During fiscal 2016, Heroux-Devtek made significant progress towards meeting the requirements of the long-term contract to supply The Boeing Company (“Boeing”) with complete landing gear systems for the Boeing 777 and 777X aircraft. At the end of the fiscal year, manufacturing and assembly work was being carried out at all facilities involved on the contract. The Corporation also made further progress on the customer qualification and approval process of its new surface treatment equipment at the finishing sub-assembly centre in Strongsville, Ohio, which management expects to be completed in the second quarter of fiscal 2017.

Management is confident that final assembly of the pre-production shipset will be completed as planned in the first quarter of fiscal 2017, and that production requirements associated to deliveries scheduled to begin in early calendar 2017 will be met. As at March 31, 2016 the Corporation had made capital investments of $105 million, representing approximately 95% of the total investment associated to this contract.

OUTLOOK

Conditions remain mostly favourable in the commercial aerospace market. In the large commercial aircraft sector, Boeing and Airbus are proceeding with production rate adjustments ahead of introducing certain more fuel efficient aircraft variants on several leading programs through calendar 2019. Their backlogs remain strong, representing approximately eight and ten years of production at current rates, respectively. In the business jet market, the current and future production ramp-up of models for which Heroux-Devtek has designed the landing gear should provide sustained growth for the Corporation for several years. In the defence aerospace market, a budget agreement provides additional funding through the U.S. government’s 2017 fiscal year, but uncertainty remains beyond that period given the need to address the deficit. The Corporation’s U.K. operations provide Heroux-Devtek with a more geographically diversified defence portfolio, which reduces its relative exposure to the U.S. market. The balance between new component manufacturing and aftermarket products and services in the Corporation’s defence portfolio and its leading program content also promote more stability.

As at March 31, 2016, Heroux-Devtek’s funded (firm orders) backlog stood at $460 million, versus $459 million at the beginning of the fiscal year.

“Looking ahead, Heroux-Devtek is well-positioned to further enhance its reach in the global landing gear market driven by its fully-integrated world-class capabilities and proven ability to execute large-scale mandates. Our management, engineering and operational teams are focussed on executing our strategic plan, which we believe will create lasting value for shareholders. We are generating constant progress towards our stated objective of achieving annual sales of $500 million during fiscal 2019 and for the fiscal year ending March 31, 2017, we anticipate sales to reach approximately $420 million,” concludedMr. Labbe.

 

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