Heroux-Devtek Inc. (HRX.TO), a Canadian manufacturer of aerospace products, Friday reported fourth-quarter net income of C$8.5 million or C$0.27 per share, compared with C$9 million or C$0.29 per share last year.
On a continuing operations basis, earnings for the quarter were C$4.8 million or C$0.15 per share, compared with C$5.6 million or C$0.18 share in the prior year.
On average, five analysts polled by Thomson Reuters estimated earnings of C$0.20 per share for the quarter. Analysts' estimates typically exclude special items.
Héroux-Devtek engages in the manufacture, repair, and overhaul of systems and components. It operates in two segments, Aerospace and Industrial.
Consolidated sales from continuing operations for the quarter were C$73.8 million, down slightly from C$74.8 million a year ago.
Sales to the commercial aerospace market increased 23%, on higher production rate on the B-777 program, increased aftermarket sales for certain regional and helicopter programs as well as for the Bombardier CL-415 program.
Sales to the military aerospace market declined 14.4% as a result of a lower throughput due to certain manufacturing inefficiencies, combined with lower military customer demand.
Moving forward, the company noted that while conditions remain favourable in the commercial aerospace market, the military aerospace market is expected to remain difficult, as governments address their deficits.
As at March 2013 , Héroux-Devtek's funded (firm orders) backlog stood at C$361 million, compared with C$388 million from continuing operations at the end of the prior year.
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