CAE Jumps Most Since 2009 on Backlog: Montreal Mover

CAE Inc. (CAE) climbed the most in 19 months after the maker of flight simulators reported a record backlog and quarterly profit that topped analysts’ estimates.

CAE gained 6.2 percent to C$11.26 by the 4 p.m. close of trading in Toronto, its biggest single-day increase since Aug. 9, 2011.

Excluding one-time items, profit in the fiscal fourth quarter was 21 cents a share, Montreal-based CAE said today, beating the 18-cent average of 15 estimates compiled by Bloomberg. Revenue in the three months through March jumped 16 percent to C$587.9 million ($578.9 million), while the backlog of future orders rose 9.9 percent to a record C$4.09 billion. It’s the first time in CAE’s history that the backlog exceeds C$4 billion, Chief Executive Officer Marc Parent said.

“We are encouraged by the fact that CAE has a record total company backlog,” Cameron Doerksen, an analyst at National Bank Financial in Montreal, said today in a note to clients. He has the equivalent of a hold rating on the stock.

To contact the reporter on this story: Frederic Tomesco in Montreal at tomesco@bloomberg.net

To contact the editor responsible for this story: Ed Dufner at edufner@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.