ATS Automation reports orders up in Q2 2021 results
In reporting its financial results for the three and six months ended September 27, 2020, the Cambridge, Ont.-based company cited a decrease in revenue of two per cent but an increase in order bookings.
Cambridge, Ont.-based ATS Automation Tooling Systems has reported its financial results for the three and six months ended September 27, 2020, and says that its revenues decreased by two per cent, to $335.5 million, but also that it saw an increase in order bookings.
Earnings from operations at the company were $23.4 million (seven per cent operating margin), compared to $31.7 million (nine per cent operating margin) a year ago; and adjusted earnings from operations were $40.1 million (12 per cent margin), compared to $42.5 million (12 per cent margin) a year ago.
EBITDA was $41.5 million (12 per cent EBITDA margin), compared to $49.8 million (15 per cent EBITDA margin) a year ago.
The company also said that earnings per share were 13 cents basic and diluted compared to 21 cents a year ago; adjusted basic earnings per share were 26 cents compared to 29 cents a year ago; order bookings were $403 million, 26 per cent higher than a year ago; and its order backlog increased one per cent to $956 million at September 27, 2020 compared to $945 million a year ago.
“Second quarter performance featured strong order bookings, particularly in life sciences, which accounted for 61 per cent of our order backlog at period end, and the consumer market including food,” CEO Andrew Hider said in a statement. “Operationally, our teams delivered exceptional work for our customers despite challenging conditions that reduced revenues in our after-sales services business and overall efficiency. We have adjusted to operate in this new climate and our significant order backlog and strong balance sheet position us well to execute our value creation strategy, build, grow and expand.”
In September, the company announced a reorganization plan that included layoffs in its transportation business, which it says will help mitigate the expected impact of a downturn in transportation markets brought on by the COVID-19 pandemic. The reorganization is expected to be completed by the end of the fiscal year and includes the sale of “certain assets and the transfer of employees from a German-based subsidiary that was completed in October 2020,” the company said.
The full financial statement from ATS Automation is available here.