July 30, 2014 - 2:04 PM
RICHMOND, B.C. - MacDonald, Dettwiler and Associates Ltd. (TSX:MDA) said Wednesday it earned $36.5 million in the second quarter, up from $31.1 million a year earlier, as revenue grew by more than 20 per cent.
The satellite communications and surveillance company said the profit amounted to $1.01 per share for the quarter ended June 30, up from 86 cents per share a year ago.
Revenue improved to $552.7 million, up from $450.4 million.
The company's total funded order backlog of stood at $3 billion at June 30, up from $2.8 billion at March 31.
Earlier this month, MDA announced a deal to acquire an unidentified business that includes radar and other information sensors used for national security purposes. Financial terms of the deal have not been disclosed.
MDA said it is expected to significantly strengthen its ability to pursue future surveillance and intelligence contracts in the United States.
The company being acquired has about 170 employees and generates roughly US$40 million in annual revenue.
The deal is subject to customary closing conditions as well as approval by the Committee on Foreign Investment in the United States.
MDA shares, which reported its results after the close of markets, were down 41 cents at $82 on the Toronto Stock Exchange on Wednesday.
News from © The Canadian Press, 2014