MONTREAL, Ont. — CAE Inc. says it had a loss of $110.6 million in its latest quarter and plans a restructuring program that is expected to cost $100 million over the next 12 months.
Chief executive Marc Parent says CAE faced the full brunt of the COVID-19 pandemic in the quarter and the worst may now be behind it, but the recovery is unlikely to be linear or quick.
The maker of flight simulators says the loss amounted to 42 cents per share for the quarter ended June 30 compared with a year-earlier profit of $61.5 million or 23 cents per share.
Revenue in what was the first quarter of the company’s 2021 financial year fell to $550.5 million, compared with $825.6 million a year ago.
CAE says its loss before specific items in the quarter was $30.3 million or 11 cents per share compared with a profit of $63.2 million or 24 cents per share last year.
Analysts on average had expected an adjusted loss of six cents per share for the quarter, according to financial markets data firm Refinitiv.
This report by The Canadian Press was first published Aug. 12, 2020.
Companies in this story: (TSX:CAE)
The Canadian Press
