BRITISH COLUMBIA

MacDonald, Dettwiler and Associates profit and revenue up from year ago

11/04/2013 04:42 EST | Updated 01/23/2014 10:52 EST
VANCOUVER - MacDonald, Dettwiler and Associates Ltd. (TSX:MDA) said Monday it earned $46.5 million, up from $41 million a year ago, as the acquisition of California-based Space Systems/Loral Inc. last year helped more than double revenue.

Revenues totalled $463.3 million, up from $171.4 million.

The company said the profit amounted to $1.29 per share for the quarter ended Sept. 30 compared with a $1.29 per share a year ago when it had fewer shares outstanding.

Operating earnings were $46.6 million or $1.29 per share, up from $27.9 or 88 cents per share a year ago.

MDA's order backlog stood at $3.1 billion at Sept. 30, up from $3 billion at June 30.

"Order booking activity remained strong in the third quarter of 2013 as the company signed two contracts to provide communications satellites during this period," MDA said in a statement.

Best known for the robotic arms used on the International Space Station and U.S. space shuttles, MDA also provide satellite data and surveillance information and technology.

Shares in the company, which reported its results after the close of markets, were up $1 at $82 on the Toronto Stock Exchange on Monday.