Héroux-Devtek (TSE:HRX) announced Friday that it nearly doubled its net income in the fourth quarter, results that beat out analysts' estimates, as sales rose despite currency fluctuations.
For the three months ending March 31, the Canadian aerospace and industrial product manufacturer reported a fourth quarter profit of $7.7 million, or $0.25 per share, a 75% increase from the year-ago period's $4.4 million, or $0.14 per share. Analysts estimated fourth quarter earnings of $0.20 per share.
Sales for the quarter improved 24% to $106 million, including $12.8 million in revenue from Eagle Tool & Machine Co, which Héroux-Devtek acquired in April 2010.
Fluctuations in Canadian and U.S. currencies reduced sales in the quarter by $2.3 million, the company said.
The negative result of the poor dollar was offset, however, by a 26% increase in sales from the company's core aerospace segment to $99.5 million, and an 11.2% growth in industrial sales to $6.5 million.
"Héroux-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 president and CEO, Gilles Labbé.
The Longueuil, Quebec-based company's stock was last trading on May 26, 2011 at $8.42 per share.
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