Brief: Cae Announces Re-Baselining Of Its Defense Business

Cae

21/05/2024 21:44

May 21 (Reuters) - CAE Inc  CAE.TO :
    * CAE ANNOUNCES RE-BASELINING OF ITS DEFENSE BUSINESS,
DEFENSE
IMPAIRMENTS, ACCELERATED RISK RECOGNITION ON LEGACY CONTRACTS
AND APPOINTMENT OF NICK LEONTIDIS AS COO
    * BOARD APPROVES NCIB FOR REPURCHASE OF UP TO 5% OF CAE'S
COMMON
SHARES
    * IN Q4 OF FISCAL 2024, CAE HAS RECORDED A $568.0 MILLION
NON-CASH
IMPAIRMENT OF DEFENSE GOODWILL
    * IN Q4 OF FISCAL 2024, CAE HAS RECORDED $90.3 MILLION IN
UNFAVOURABLE DEFENSE CONTRACT PROFIT ADJUSTMENTS
    * RECORDED A $35.7 MILLION IMPAIRMENT OF RELATED TECHNOLOGY
AND
OTHER NON-FINANCIAL ASSETS IN Q4 OF FISCAL 2024
    * APPOINTMENT OF NICK LEONTIDIS AS COO
    * PRELIMINARY Q4 CONSOLIDATED ADJUSTED EPS $0.12
    * EXPECTATIONS FOR A RECORD FISCAL 2024 ANNUAL AND Q4 CIVIL
ADJUSTED SEGMENT OPERATING MARGIN REMAINS CONSISTENT WITH
PREVIOUS OUTLOOK
    * SEES DEFENSE ANNUAL REVENUE GROWTH IN LOW- TO
MID-SINGLE-DIGIT
PERCENTAGE RANGE IN FISCAL 2025
    * DEFENSE SEGMENT IN PROCESS OF ONGOING MULTI-YEAR
TRANSFORMATION,
EXPECTED TO YIELD A SUBSTANTIALLY BIGGER AND MORE PROFITABLE
BUSINESS
    * WILL ALSO CONTINUE TO EVALUATE POSSIBILITY OF
REINTRODUCING A
SHAREHOLDER DIVIDEND

Source text for Eikon:  ID:nCNWF3ZqSa 
Further company coverage:  CAE.TO 

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