Aircraft carrier maker Heroux-Devtek reports Q3 profit

Heroux-Devtek Inc. reported third-quarter earnings of $9.0 million, up from $1.8 million a year ago, as its sales grew 16 percent.

Chief Executive Officer Martin Brassard said the third-quarter results reflect the company's progress in implementing its strategic initiatives.

The maker of aircraft landing gear said earnings were 27 cents a diluted share in the quarter ended Dec. 31, up from five cents a share in the year-ago quarter.

Sales for the quarter were $163.5 million, up from $140.9 million.

The increase came as Heroux-Devtek's civil sales jumped 41 percent to $63.8 million from $45.1 million a year earlier, boosted by deliveries to the Boeing 777 and Embraer Praetor programs.

Sales of the company's defense products were $99.7 million, up from $95.8 million a year earlier, driven by increased aftermarket business for legacy programs, as well as increased deliveries to the Sikorsky CH-53K and Lockheed Martin F-35 programs, driven in part by defense compensated for late deliveries. Boeing F-18 program.

— This Canadian Press report was first published on February 7, 2024.