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CAE Inc. reports company developments tied to its civil aviation and defense training, simulation, and critical operations businesses. News commonly covers financial results and outlook by segment, including civil pilot, cabin, maintenance, ground-personnel and business-aviation training, full-flight simulators, flight simulation devices, and defense readiness solutions.
Company updates also address transformation actions, capital allocation, portfolio optimization, Flightscape aviation software, leadership appointments, and teaming agreements for defense and security opportunities. CAE’s recurring disclosures frame the business around high-fidelity flight simulators, training networks, mission-system support, and operational execution across global aviation and defense customers.
CAE reported third-quarter fiscal 2021 revenue of $832.4 million, an 18% increase from the second quarter but a 10% decline year-over-year. EPS reached $0.18, a significant recovery from a loss last quarter, yet down 51% from last year. Operating profit was $82.9 million, down 46% from last year. CAE made three acquisitions and raised $495.3 million through equity offerings to enhance its market position. Despite a solid backlog of $7.8 billion, the ongoing pandemic continues to hinder commercial aviation recovery, impacting future revenue and performance.
CAE has announced that its Chair, the Honourable John Manley, has received the 2021 Institute of Corporate Directors Fellowship Award, recognizing his substantial contributions to corporate governance in Canada. Manley has been with CAE since 2008, where he has played a critical role in promoting sound governance practices and fostering ESG initiatives, contributing to the company's record financial performance. His leadership style emphasizes trust and empowerment, enhancing CAE's global standing and innovation in high-technology solutions across various sectors.
CAE has signed a contract with PYURE to assemble air sanitizers that significantly destroy the COVID-19 virus, as validated by an independent U.S. lab. The partnership aims to produce 55,000 units in the first year, addressing the strong demand in hospitals and schools. PYURE's technology, which generates hydroxyls and organic oxidants, proved effective in reducing airborne and surface virus levels by 99%. This contract not only enhances CAE's role in pandemic response but also supports job retention in Montreal.
CAE announced the second edition of the CAE OneWorld virtual conference and tradeshow set to commence on February 9, 2021. This free event aims to showcase CAE's innovative digital solutions in critical market segments, with a month-long online presence. Keynote presentations will include insights from President and CEO Marc Parent and Group President Dan Gelston. The conference will cover critical topics such as digital immersion and healthcare innovations, featuring a special CAE Healthcare zone to demonstrate simulation-based solutions.
CAE USA has been awarded a competitive recompete contract by the United States Air Force (USAF) to provide KC-135 training services, valued at over US$275 million over eight years. This includes classroom and simulator training for over 4,500 KC-135 crew members annually at 12 U.S. and international sites. The contract allows CAE to continue supporting KC-135 operations, including updates and upgrades to training equipment. This achievement reinforces CAE's longstanding relationship with the USAF since it became the prime contractor in 2010.
CAE has announced its acquisition of Merlot Aero Limited for US$25 million, plus up to US$10 million in earn-out incentives. This strategic move strengthens CAE's digital flight operations portfolio and expands its addressable market in airline crew management and optimization software. The acquisition is CAE's third since November and underscores the company's commitment to unifying digital flight operations. Marc Parent, CEO of CAE, emphasized the growing demand for these services accelerated by COVID-19.
CAE has raised $1 million for the Centraide of Greater Montreal during its 2020 fundraising campaign, marking the second consecutive year of achieving this milestone despite challenges posed by the COVID-19 pandemic. The funds were collected through employee donations, fundraising events, and corporate contributions. Since 2000, CAE and its employees have donated $13.6 million to Centraide. This initiative reflects CAE's commitment to community support and highlights the generosity of its workforce.
CAE has appointed Ben Nicholson as Vice President of Washington Operations, effective December 14, 2020. Based in Washington, D.C., Nicholson brings over 21 years of experience in government relations and national security business sectors. His role includes strengthening CAE's ties with the U.S. government and providing insights on policy related to defense, civil aviation, and healthcare. Previously, he held significant positions at Honeywell and L3 Technologies, emphasizing his extensive background in U.S. government operations.
CAE announced that Hélène V. Gagnon, Senior VP of Public Affairs and Global Communications, has been inducted into the Canadian Public Relations Society's College of Fellows. This honor, announced on December 2, 2020, recognizes her significant contributions and commitment to the public relations profession. Gagnon has over 20 years of experience and leads CAE's global communications and stakeholder relations. CAE continues to demonstrate leadership in the aerospace industry, with over 60% of its revenue being recurring, and a workforce of approximately 10,000 employees globally.
CAE has announced that Sonya Branco, its CFO, has been recognized as one of Canada's Top 100 Most Powerful Women of 2020 in the C-Suite Executives category. This accolade acknowledges women who significantly influence their organizations and promote workplace diversity.
Branco joined CAE in 2016 and manages financial operations in over 35 countries. CAE, a leader in digital immersion solutions, boasts around 10,000 employees and generates over 60% of its revenue from recurring sources.