OTTAWA (Reuters) - CAE Inc (CAE.TO) CGT.N reported a 4-percent gain in fourth-quarter earnings on Wednesday, but said profit from continuing operations jumped nearly 34 percent on sturdy demand for its flight simulators and training services.
CAE, which sells to both civil and military aviation markets, reported net earnings of C$35.6 million, or 14 Canadian cents per share, in the period ended March 31. That compares with a profit of C$34.3 million, or 14 Canadian cents a share last year.
Earnings from continuing operations grew to C$47 million, or 19 Canadian cents per share, from C$35.1 million, or 14 Canadian cents per share.
Analysts had expected a profit of 17 cents a share before exceptions, according to Reuters Estimates.
The 2008 quarter included a C$11.4 million loss from discontinued operations, compared with a loss of C$800,000 in the same period last year.
Revenue increased 9 percent to C$366.6 million in the three-month period.
For fiscal 2009, the Montreal-based company said it expects to sell 34 full-flight simulators, a forecast it will update during the year. The first orders for 2009 were announced last week, with the sale of five simulators worth more than C$60 million.
The company won orders for nine simulators in the fourth quarter, bringing the 2008 total to 37 and exceeding CAE’s forecast of 34 sales.
CAE’s quarter-end order backlog stood at C$2.89 billion, a 4.5 percent jump from C$2.77 billion in the year-ago period.
Reporting by Susan Taylor; Editing by Scott Anderson