Quebec aerospace products maker Héroux-Devtek posted a third-quarter profit of $9 million, up from $1.8 million in the same quarter last year.
In its results released Tuesday, the company said its profit for the year ended Dec. 31 was $0.27 per diluted share, compared to $0.05 per diluted share a year ago.
Héroux-Devtek also saw revenue increase from $140.9 million to $163.5 million in the same period, an increase of 16.1%.
Revenue in the civil aviation market rose 41.4% to $63.8 million in the quarter ended Dec. 31, “mainly [en raison] the increase in deliveries under the Boeing 777 and Embraer Praetor programs,” Héroux-Devtek said in a press release.
Defense market revenue increased 4.1% to $99.7 million, driven primarily by increased activity in the secondary market for traditional programs as well as increased shipments for programs based on the Sikorsky CH-53K and targeting the Lockheed Martin F-35.
“We are proud to announce solid third quarter results that reflect progress in executing our strategic initiatives,” said Martin Brassard, President and CEO of 'Héroux-Devtek.
“The focus on stabilizing our production system is beginning to bear fruit and the impact of the pricing initiatives we have implemented to combat inflationary pressures is increasingly being felt,” Ms. Armband said.