CAE INC - CAE STOCK NEWS

CAE (NYSE: CAE) (TSX: CAE) has announced the final director election results from its 2024 Annual Meeting of Shareholders. Thirteen nominees were elected as Directors of CAE, with voting percentages ranging from 74.65% to 99.59% in favor. Notable elections include:

- Sophie Brochu with the highest approval at 99.59%
- Marc Parent, likely the CEO, with 94.46% approval
- Patrick M. Shanahan with the lowest approval at 74.65%

The results show strong shareholder support for most nominees, with only Shanahan receiving less than 90% approval. This outcome suggests overall satisfaction with the proposed board composition, while indicating some reservations about Shanahan's appointment.

CAE Inc. reported Q1 fiscal 2025 results with revenue of $1,072.5 million, a 6% increase from $1,012.0 million in the previous year.

EPS from continuing operations dropped to $0.15 from $0.20, while adjusted EPS fell to $0.21 from $0.24.

Operating income declined 15% to $108.6 million, and adjusted segment operating income decreased by 6% to $134.2 million. The company posted a net income attributable to equity holders of $48.3 million, down 26% from last year.

Adjusted order intake stood at $1,192.0 million, contributing to a record adjusted backlog of $17.0 billion.

In the Civil Aviation segment, revenue increased by 9% to $587.6 million, but operating income fell by 15% to $89.8 million. The Defense segment saw a 3% revenue increase to $484.9 million, but operating income declined 17% to $18.8 million.

CAE aims to incur $20 million in additional restructuring costs in Q2 and expects annual cost savings of about $20 million by the end of the next fiscal year.

CAE (NYSE: CAE) (TSX: CAE) has announced its FY2025 Q1 financial results conference call and FY2024 Annual Meeting of Shareholders, both scheduled for Wednesday, August 14, 2024. The financial results call will be held at 8:00 a.m. ET, featuring key executives including Marc Parent (CEO), Sonya Branco (CFO), and Andrew Arnovitz (SVP, Investor Relations). The call will be audio webcast live and available for replay for 90 days. The Annual Meeting of Shareholders will follow at 11:00 a.m. ET, conducted virtually via a live webcast. Both events offer various access options, including phone-in and international toll-free access, catering to a global audience of analysts and institutional investors.

CAE Inc. (NYSE: CAE) (TSX: CAE) announced that Sonya Branco, Executive Vice President, Finance and CFO, will step down at the end of August 2024. Constantino Malatesta, Chief Accounting Officer and Vice-President, Controller Office, will become interim CFO. Branco's tenure saw CAE transform into the world's largest civil aviation training provider, with over 20 acquisitions and successful navigation of the COVID pandemic. She implemented a capital allocation strategy balancing growth and financial stability. Marc Parent, CEO, praised Branco's contributions and expressed confidence in Malatesta's ability to oversee financial operations during the search for a permanent CFO, considering both internal and external candidates.

CAE has released its FY24 Global Annual Activity and Sustainability Report, highlighting significant strides in environmental, social, and economic domains. The report underscores CAE's commitment to sustainability as a key business driver. CEO Marc Parent emphasized the strategic role of sustainability in capturing market share and demonstrating industry leadership. Chief Sustainability Officer Hélène V. Gagnon noted the long-term value created for stakeholders through sustainability efforts. Key highlights include a comprehensive strategy to reduce greenhouse gas emissions, a supplier engagement program promoting operational excellence and sustainability, and initiatives advancing diversity, equity, inclusion, and Indigenous relations.

CAE unveiled its first Gulfstream-dedicated business aviation training center in Savannah, Georgia, marking a significant expansion in its training capabilities. The center, situated near Gulfstream Aerospace Corp.'s headquarters, can house up to four full-flight simulators. Currently, it operates a Gulfstream G550 FFS, with a Gulfstream G280 FFS set to commence training in July. The facility will offer advanced maintenance training for Gulfstream G280, G650, and G500/G600 jets, incorporating virtual reality. This is CAE's fifth business aviation center in the U.S., enhancing training convenience for Gulfstream operators. The new center also features CAE Rise™, a technology providing metrics-based insights to improve pilot training. This initiative supports CAE's goal to address the projected global need for 32,000 business aviation pilots and 74,000 maintenance technicians by 2032.

The Board of Directors of CAE announced the nomination of Ian L. Edwards for election at the Annual General Meeting (AGM) on August 14, 2024. Edwards, the CEO of AtkinsRéalis Group, brings over 30 years of experience in global infrastructure projects. The Board aims to leverage his strategic and operational expertise. The AGM will also see current independent director Andrew J. Stevens step down after 11 years of service. The Board emphasizes its commitment to renewal and shareholder engagement. Detailed nominee information will be available in a Management Proxy Circular to be filed and mailed by the end of June.

CAE announced a contract from General Atomics Aeronautical Systems to support the MQ-9B SkyGuardian® Remotely Piloted Aircraft Systems (RPAS) acquired by the Government of Canada. The contract, valued at a minimum of $250M for the first 9 years, includes additional option years. CAE will provide aircrew and maintenance training, supporting devices, and courseware, alongside experienced maintenance technicians to augment the Royal Canadian Air Force staff. The agreement also covers aircraft maintenance, IT, cybersecurity, and publications management. CAE aims to support intelligence, reconnaissance, and surveillance operations, integrated with NORAD, FVEY, and NATO missions. The contract aligns with Canada's Industrial and Technological Benefits Policy, promoting Canadian industry growth.

CAE's SkyAlyne joint venture has secured a C$11.2-billion, 25-year contract for Canada's Future Aircrew Training (FAcT) Program. This initiative aims to overhaul and consolidate aircrew training operations for the Royal Canadian Air Force (RCAF), enhancing mission readiness. SkyAlyne, a partnership between CAE and KF Aerospace, was chosen as the preferred bidder in July 2023. The FAcT Program will provide comprehensive training including live flying, simulation, and ground school training, managed from Ottawa and operating at multiple locations including 15 Wing Moose Jaw and 17 Wing Winnipeg. The program promises to modernize RCAF's training systems and processes.