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CAE plans job cuts, sees falling European defense spending

Tags: CAE

CAE Inc. (CAE-T), an aviation trainer and flight simulator maker, posted a higher quarterly profit, but said it would cut about four percent of its workforce as it expects reduced defense spending in Europe.

Montreal-based CAE, which employs 8000 people, said it is seeing lower activity in Europe, prompting it to cut 300 jobs.

The company expects to take a restructuring charge of about $25 million in the first half of fiscal 2013.

The United Kingdom and Germany are among the company's largest military customers and about a third of CAE's revenue comes from Europe. The company is indicating problems with them, Stonecap Securities analyst Scott Rattee told Reuters.

The company posted a fourth-quarter net income of $53.2 million, or 21 cents per share, compared with $45.5 million, or 18 cents per share, a year ago.

Revenue rose nine percent to $506.7 million.

Revenue at its military segment rose four percent to $267.1 million, contributing more than half of the company's total revenue. Combined civil segments revenue rose nine percent to $215.4 million.

Analysts on an average were expecting the company to earn 19 cents per share on revenue of $508.2 million, according to Thomson Reuters I/B/E/S.

CAE also named Gene Colabatistto as group president, military simulation products, training and services, replacing Martin Gagne, who retired from the company. CTV Two CTV News CTV News Channel BNN - Business News Network CP24