CAE reports Q2 loss due to restructuring charges, revenue down from year ago

CAE reports Q2 loss due to restructuring charges, revenue down from year ago
Share this article

MONTREAL — CAE Inc. reported a loss in its fiscal second quarter as it was hit by one-time restructuring charges.

The simulator maker and training company says its loss attributable to equity holders was $5.2 million or two cents per share compared with a profit of $73.8 million or 28 cents per share a year earlier.

Revenue totalled $704.7 million for quarter ended Sept. 30, down from $896.8 million in its second quarter last year.

CAE says it saw $51.1 million in restructuring costs in the quarter compared with no restructuring charges a year ago.

The changes are expected to yield annual cost savings of approximately $50 million, starting in the company’s 2022 financial year.

CAE says its net income before specific items for the quarter amounted to $34.2 million or 13 cents per share for the quarter, down from $74.7 million or 28 cents per share in the same quarter last year.

This report by The Canadian Press was first published Nov. 10, 2020.

Companies in this story: (TSX:CAE)

The Canadian Press

Related posts

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.