Héroux-Devtek Achieves Record Sales and Profitability in Fiscal 2024

2 min read | May 28, 2024 04:34 PM EDT | By Team Kalkine Media

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Héroux-Devtek Achieves Record Sales and Profitability in Fiscal 2024 — Image source: @Tumisu/Pixabay

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Héroux-Devtek Inc. (TSX: HRX), a prominent aerospace product manufacturer and one of the world's largest landing gear manufacturers, has announced its financial results for the fourth quarter ended March 31, 2024.

Fourth Quarter Highlights

The corporation reported sales of $184.1 million for the fourth quarter, marking an impressive 18.0% increase from $156.0 million in the corresponding period last year.
Operating income soared to $27.6 million, significantly up from $9.9 million recorded in the previous year.
Adjusted EBITDA reached $33.1 million, representing 18.0% of sales, compared to $19.6 million or 12.6% of sales in the same quarter a year ago.
Earnings per share saw a substantial increase to $0.61, compared to $0.18 in the previous year. On an adjusted basis, earnings per share rose to $0.49 from $0.18.
Héroux-Devtek achieved a record backlog of $951.0 million, driven by robust orders from both civil and defence sectors, showing a notable increase from $864.0 million recorded last year.

Fiscal 2024 Performance

Consolidated sales for fiscal 2024 climbed to a record $629.8 million, up by 15.8% from $543.6 million in the prior year. This surpasses pre-pandemic levels and is attributed to growth in civil and defence market segments.
Gross profit surged to $111.1 million or 17.6% of sales, compared to $73.5 million or 13.5% of sales last year. The positive impact of higher volume and pricing initiatives contributed to this improvement, partially offset by inflation effects on costs.
Operating income increased to $59.8 million or 9.5% of sales, up from $26.2 million or 4.8% of sales in the previous year. Adjusted EBITDA rose by 50.2% to $92.2 million, representing 14.6% of sales, compared to $61.4 million or 11.3% last year.
Net income for fiscal 2024 stood at $38.3 million, or $1.13 per diluted share, a significant increase from $13.8 million or $0.40 per diluted share last year. Adjusted net income also saw a notable rise to $34.3 million or $1.01 per share, up from $12.6 million or $0.37 last year.

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