CAE Advances to 15-Month High After Profit Exceeds Estimatesby
CAE Inc. rose to its highest value in 15 months after the Canadian flight-simulator maker reported fiscal fourth-quarter results that exceeded analysts’ estimates and forecast profit growth for this year.
Adjusted earnings in the period ended March 31 were 27 Canadian cents a share, the Montreal-based company said in a statement Thursday, topping the 25-cent average of analyst estimates compiled by Bloomberg. Sales rose a greater-than-anticipated 14 percent to C$722.5 million ($551.2 million), with CAE predicting gains in revenue and operating income for fiscal 2017.
“Strong results,” Benoit Poirier, a Desjardins Capital Markets analyst, said in a note to clients. “More importantly, CAE introduced a positive outlook for FY17, with year-over-year growth expected in all segments.”
CAE advanced 4.1 percent to C$16.39 at 12:27 p.m. in Toronto. Earlier the stock climbed to C$16.47, its highest intraday level since February 2015.