CAE INC - CAE STOCK NEWS

CAE has signed a 15-year exclusive agreement with the Qantas Group to establish a new pilot training centre in Sydney, Australia. This facility, covering 7,000 square metres, is set to open in early 2024 and aims to enhance training capabilities for Qantas as it expands its fleet while recovering from COVID impacts.

The centre will feature advanced simulators and is projected to support training for both current and new pilots, marking a significant development in CAE's operations and its commitment to aviation safety.

CAE announced the appointment of Alan N. MacGibbon as Chair of the Board, succeeding John Manley, effective following CAE's 2022 Annual Meeting. MacGibbon, an independent director since 2015 and former Deloitte Canada CEO, expressed gratitude and a commitment to innovative training solutions. Additionally, Elise Eberwein and Ayman Antoun have been elected as independent directors. The shareholder meeting also confirmed the election results for the board, reflecting strong support for the nominees with voting percentages exceeding 95% in most cases.

CAE reported Q1 fiscal 2023 revenue of $933.3 million, up 24% from $752.7 million the previous year. Net income dropped to $1.7 million ($0.01 per share) from $46.4 million ($0.16 per share). Adjusted EPS fell to $0.06, down 68% year-over-year. Operating income was $39.4 million, a 54% decline. Although orders reached a record $1,049.1 million, the annual adjusted segment operating income growth outlook was revised to mid-20% from mid-30%. Challenges include $28.9 million in unfavorable U.S. Defense contract adjustments and market headwinds.

CAE will host its FY2022 virtual Annual Meeting of Shareholders on August 10, 2022, at 11:00 a.m. ET. Management will review FY2022 activities and present Q1 FY2023 financial results ended June 30, 2022. A dedicated conference call will follow at 1:30 p.m. ET for analysts and institutional investors. CAE emphasizes its role in equipping personnel for critical roles through simulation training and solutions, showcasing over 75 years of industry leadership with a global workforce of 13,000+ employees across 40 countries.

CAE will hold its 2022 Annual Meeting of Shareholders virtually on August 10, 2022, at 11:00 a.m. ET. Key executives including Marc Parent and Sonya Branco will present the activities of fiscal year 2022 and the Q1 fiscal year 2023 financial results. A conference call will follow at 1:30 p.m. ET to discuss these results with analysts and investors. The meeting will be accessible via CAE's investor website.

CAE has announced a partnership with Piper Aircraft to develop an electric conversion kit for the Piper Archer® aircraft. This initiative is set to electrify two-thirds of CAE's Archer training fleet and includes collaboration with H55 for battery systems and Safran for the electric smart motor. The project is part of CAE's $1 billion investment in innovation over five years, supported by the Canadian and Quebec governments. The electric variant aims to reduce carbon emissions and noise levels at flight schools globally, enhancing the sustainability of aviation practices.

Vertical Aerospace (NYSE: EVTL) has selected CAE (NYSE: CAE) as its training partner for the VX4 eVTOL aircraft. This partnership includes the development of a tailored pilot training program using next-gen flight simulators. Both companies share a customer base, facilitating the integration of Advanced Air Mobility training. The collaboration aims to enhance safety and scalability in pilot training, with efforts commencing three years before the VX4's expected 2025 entry into service.

CAE has relaunched its Women in Flight scholarship program at the Farnborough International Airshow 2022 to inspire more women to become commercial pilots. easyJet is partnering with CAE, offering one candidate a job opportunity and funding for pilot training. Since its inception in 2018, six women have benefitted from the program. Currently, only 5% of professional pilots are women. CAE aims to address this gender gap and fulfill the industry's need for 260,000 new pilots in the next decade.

CAE unveiled a new visual brand identity and logo, signaling a commitment to innovation as it celebrates 75 years in the industry. This refresh aims to reflect CAE's bold vision for the future and its mission of enhancing safety through advanced technologies. Recently, CAE made nine acquisitions, expanding its capabilities and indicating strategic growth. The company will invest C$1 billion in innovation over the next five years, integrating digital and physical realms to improve training and operational solutions.