By Adriano Marchese
ATS swung to a loss in its second fiscal quarter as lower demand at its transportation business dragged revenue below analysts' expectations.
The Canadian automation systems company on Wednesday posted a net loss of 919,000 Canadian dollars ($664,665), or C$0.01 a share for the three months ended Sept. 29, compared with a profit of C$50.7 million, or C$0.51 a share, in the comparable quarter a year ago.
Adjusted earnings were C$0.25 a share. According to FactSet, analysts were expecting C$0.33 a share.
Revenue fell 17% to C$612.8 million, below analyst expectations of a decline to C$640.9 million.
Order bookings were flat at C$742 million, while order backlog shrunk to C$1.82 billion from C$2.02 billion a year earlier.
The company cites a shift in customer investment trends in North American electric vehicle production which affected its transportation business. In transportation, revenues decreased 73% due to lower order backlog entering the quarter, as the prior year included several large EV projects.
This was offset slightly by its life sciences business which increased 20%.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
November 06, 2024 06:37 ET (11:37 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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