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CAE Reports Modest Q1 Revenue and EPS Growth With Robust Civil and Defence Backlogs

Adjusted operating income rose despite executive transition costs, underscoring near-term revenue visibility across civil aviation training alongside record defence bookings.

The flight simulator assembly plant is seen at the CAE facility in Montreal, Tuesday, Jan. 14, 2025. THE CANADIAN PRESS/Ryan Remiorz
CAE's overall revenue for the first quarter 2026 increased 2% from last year’s quarter. Credit: Piotr Swat/Shutterstock.com.

Overview

  • CAE reported Q1 revenue of CA$1,098.6 million, GAAP EPS of CA$0.18 and adjusted EPS of CA$0.21, representing modest year-over-year growth.
  • Adjusted operating income rose to CA$147.8 million (13.5% of revenue) despite CA$14.0 million in executive transition costs, supporting GAAP operating income of CA$133.8 million (12.2%).
  • The civil aviation training unit delivered eight full-flight simulators, achieved 71% training-centre utilisation, secured CA$511.4 million in new training contracts and maintained an CA$8.4 billion backlog.
  • The defence segment posted CA$490.9 million in revenue, booked CA$611.4 million in orders and closed the quarter with an CA$11.1 billion adjusted backlog plus CA$6.0 billion in bids and proposals pending.
  • Book-to-sales ratios of 0.84 for civil and 1.25 for defence this quarter underscore strong forward revenue visibility into fiscal Q2 and beyond.