08/07/2015 02:28 EDT | Updated 08/07/2016 05:59 EDT

Heroux-Devtek Q1 Revenue Up, Helped By Lower Loonie

LONGUEUIL, Que. — Quebec-based aerospace manufacturer Heroux-Devtek says its financial year has gotten off to a good start and conditions remain favourable for sales of landing gear and other products it makes for commercial and business jets.

The Montreal-area company based in Longueuil, Que., says revenue in the three months ended June 30 rose to $98.2 million, up 13.7 per cent or $11.8 million from the same time last year.

It says the reduced value of the Canadian dollar compared with the U.S. currency accounted for $7.9 million of the increase, but also reflected the strength of the commercial aerospace market — which accounted for 52 per cent of first-quarter sales.

Commercial sales during the quarter rose 18.8 per cent from the same time last year to $51.5 million, mainly because of programs for Embraer and Dassault business jets and Boeing 777 commercial airliners.

Defence sales increased 8.6 per cent to $46.8 million, including a $3.8 million bump from favourable foreign exchange.

Hereau-Devtek's profit also improved, with net income rising to $4.5 million or 13 cents per share from $3.5 million or 11 cents per share. Adjusted net income rose to $5.5 million or 15 cents per share from $3.8 million or 12 cents per share.

The results were issued ahead of the company's annual shareholder meeting Friday.


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