Canadian aerospace manufacturer Heroux-Devtek saw its fiscal year net income rise 15.8% to C$18.5 million ($18.9 million) compared with C$16 million during the previous year.
Consolidated sales for the fiscal year ended 31 March reached C$358 million, up 11.6% compared with C$320 million last year. The company says that the growth reflects sales of C$45 million from Eagle and E2 and a C$3.1 million increase in industrial sales, offset by a C$11.7 million negative impact from fluctuations in the value of the Canadian dollar versus US currency.
Operating income for the fiscal year increased 14.9% to C$31.2 million, compared with C$27.2 million year ago.
Aerospace sales reached C$332 million for the year, compared with C$298 million.
"Heroux-Devtek concluded fiscal 2011 with the strongest quarterly results in its history, as all of our product lines solidly contributed to sales and operating income," said company president and CEO Gilles Labbe.
"Fiscal 2011 was a successful year on many fronts. We broadened our global reach by adding to our customer base and completed a strategic acquisition that met our financial objective of a 10% accretion to profitability. We also reaffirmed our leadership in key markets by winning several multi-year contracts on important programs and, just after year end, announced a new facility in Mexico to further enhance our value proposition to our customers. More importantly, Heroux-Devtek continued to prosper despite the persistent strength in the value of the Canadian dollar driven by a more favourable sales mix and further efficiency gains."
Net income for the company's fiscal fourth quarter rose 75% to C$7.72 million, compared with C$4.4 million for the same period last year.
For the fourth quarter, consolidated sales reached C$106 million, up from C$85 million. Operating income stood at C$12.2 million, compared with C$7.3 million same quarter last year.
Aerospace sales rose 25.7% to C$99.5 million, while Industrial sales grew 11.2% to C$6.5 million for the quarter.
Cash flow from operations amounted to C$48.8 million for the fiscal year, up from C$45.9 million last year.