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 firstname.lastname@example.org
To contact the editor responsible for this story: Ed Dufner at email@example.com