August 2, 2012 / 12:22 PM / in 5 years

UPDATE 1-Héroux-Devtek profit rises on higher deliveries

Aug 2 (Reuters) - Aerospace and industrial products maker Héroux-Devtek Inc said first-quarter profit rose 8 percent on higher deliveries to the commercial aircraft and business jet markets.

Sales in the aerospace segment rose 5 percent to C$88.8 million ($88.7 million), while they jumped 46 percent to C$10.5 million in the industrial segment.

The business jet market continues to see positive signs and shipments should increase modestly in calendar year 2012, said the company, which makes landing gear, airframe components and gas turbine components.

The company sold its aerostructure business to Precision Castparts Corp for about $295 million in July as it looks to focus on its landing gear business.

Héroux-Devtek, which last month renewed a contract worth C$90 million with the United States Air Force, said the military aerospace market remains uncertain as governments address their deficits.

Net income rose to C$6.3 million, or 20 Canadian cents per share, for the April-June quarter from C$5.8 million, or 19 Canadian cents per share, a year earlier.

Sales increased 8 percent to C$99.2 million.

Shares of Longueuil, Quebec-based Héroux-Devtek, which has a market value of C$351 million, closed at C$11.50 on Wednesday on the Toronto Stock Exchange.

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