CAE has announced the company’s Q4 2020 full financial results on Friday. The annual net revenue of the company reached $3.6 Billion. The company’s annual segment operating income reached $537.1 million as compared to the $487.4 million from the previous quarter. The company records the decrease in net revenue of $977.3 million. The Q$ segment operating income of the company reached $146.6 million as compared to $170.5 from the previous quarter. The company recorded the annual free cash flow of $351.2 million in total.
Company’s Chief Executive Officer and President, Marc Parent said, “While leading CAE toward what would have been another record year, the COVID-19 pandemic hit us in our fourth quarter. Our first response was to ensure the health and safety of our employees and customers, and this continues to be our top priority. I am extremely proud of CAE’s employees worldwide, who daily, through even the most extreme conditions, take to heart the continuity of our customers’ critical operations, and earn the privilege of being their training partner of choice.”
“Our employees went beyond the call of duty in the fight against COVID-19 by bringing forward the idea to develop a critical care ventilator. It took just 11 days for 12 CAE engineers and scientists to develop a prototype, and now more than 500 of our employees are delivering on a contract with the Government of Canada to manufacture 10,000 ventilators to help save lives,” CAE President further added.
Turning to our results, notwithstanding the impact of COVID-19 headwinds on what is typically our best quarter of the year, we achieved strong performance overall in fiscal 2020, with double-digit revenue growth, 21% operating income growth, and 7% higher earnings per share,” CAE CEO and President Mar continued.