November 08, 2019 - 11:42 AM
LONGUEUIL, Que. - Heroux-Devtek Inc. is reporting operating income of $10.5 million on sales of $146 million in its latest quarter ended Sept. 30.
The Longueuil, Que.-based aircraft parts company nearly doubled the $5.3 million in operating income it posted in the same period of 2018 as sales rose from $95.67 million due to acquisitions and organic growth.
Analysts had expected operating income of $10.57 million on revenue of $132 million in its fiscal second quarter, according to financial markets data firm Refinitiv.
Last year, the company bought Michigan-based rival Beaver Aerospace for US$23.5 million and Madrid-based landing gear-maker CESA for $140 million.
The company reported its recent acquisitions added $36 million in sales volume during the three months ended Sept. 30 versus the year-earlier period.
It said commercial sales grew from $47 million to $65 million and defence sales were up from $49 million to $81 million.
This report by The Canadian Press was first published Nov. 8, 2019.
Companies in this story: (TSX:HRX)
News from © The Canadian Press, 2019