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Héroux-Devtek Inc., an international manufacturer of aerospace products, announced that its Laval, Que., facility, which manufactures a door uplock system for the F-35 program, has received an important recognition of its performance by Lockheed Martin Aeronautics in Fort Worth, Texas.
The award recognizes the exceptional quality and on-time delivery of Héroux-Devtek’s products for the F-35 program from the Laval facility. The award is given to the top 25 suppliers out of approximately 1,200.
Héroux-Devtek also extended its current agreement with Lockheed Martin for the production of the F-35 door uplock systems at the Laval facility.
This contract covers deliveries in calendar years 2017 and 2018 for the LRIP 9 and 10 production lots. The door uplock systems were designed and qualified by Héroux-Devtek’s engineering team under a contract signed in 2004 and have since been produced by the Corporation for all F-35 variants.
“Héroux-Devtek is proud to be recognized by Lockheed Martin for its exceptional performance, which reflects the talent and dedication of our employees. Our team recognizes the importance of the F-35 program for both organizations and is firmly committed to achieving success. This program allowed Héroux-Devtek to develop a unique expertise in our field and we see additional opportunities on this program in the future,” said Martin Brassard, vice-president and chief operating officer of Héroux-Devtek.
Héroux-Devtek Inc. also reported its results for the fourth quarter and fiscal year ended March 31, 2016. Unless otherwise indicated, all amounts are in Canadian dollars.
Fiscal 2016 results
For the fiscal year ended March 31, 2016, consolidated sales totalled $406.8 million, representing an increase of 11.5 per cent from fiscal 2015 sales of $364.9 million.
Year-over-year fluctuations in the value of the Canadian currency versus foreign currencies increased fiscal 2016 sales by $40.8 million. Commercial sales rose 18.8 per cent to $206.5 million and grew 6.9 per cent net of currency variations.
In addition to the aforementioned factors, the increase reflects higher revenues from the sale of landing gear designed by Héroux-Devtek due to the ramp up of the Embraer Legacy 450/500 program.
Defence sales increased 4.8 per cent to $200.3 million, but decreased 5.7 9 per cent net of currency variations. In addition to the factors mentioned above, the decline resulted from certain delayed deliveries with the U.S. government and lower throughput in the U.K.
Gross profit for fiscal 2016 amounted to $74.3 million, equivalent to 18.3 per cent of sales, compared with $59.2 million, or 16.2 per cent of sales, in fiscal 2015. This improvement reflects the factors listed above, including favourable year-over-year currency fluctuations equivalent to 1.5 per cent of sales.
Adjusted EBITDA reached $64.1 million, representing 15.7 per cent of sales, up from $47.8 million, or 13.1 per cent of sales, last year. Finally, adjusted net income was $27.7 million, or $0.77 per share, versus $19.4 million, or $0.55 per share, in the prior year.
