BUSINESS

Landing gear maker Heroux-Devtek reports Q1 net income of $6.3 million

08/01/2013 01:54 EDT | Updated 10/01/2013 05:12 EDT
LONGUEUIL, Que. - Airplane landing gear maker Heroux-Devtek says its first-quarter net income rose 8.4 per cent to $6.3 million, helped by higher deliveries to commercial aircraft and business jet markets and stronger sales of its industrial products.

The earnings amount to 20 cents per dilluted share compared with 19 cents on a profit of $5.8 million in the same quarter last year, the Montreal-area company said Thursday.

Consolidated sales reached $99.2 million, up eight per cent from $91.9 million a year earlier.

Results for the first quarter of fiscal 2013 included start-up costs of $502,000 related to the company's new facility in Mexico.

"Military sales also increased, reflecting our extensive diversification with regards to product and service offering as well as aircraft programs," said chief executive Gilles Labbe in a news release.

The company is also keeping an eye on possible acquisitions.

"Our balanced portfolio between commercial and military activity, combined with our internal strengths and extensive know-how, gives Heroux-Devtek the ability to capture any new business opportunity that may arise," he said.

"We are looking forward to further enhance our presence in the landing gear market, as we continue to build Heroux-Devtek into a world-class organization."

Heroux-Devtek Inc. (TSX: HRX) is a leading Canadian manufacturer of aerospace and industrial products.