The Montreal-based company brought in $550 million between April and June, down from $825.6 million in 2019. CAE, best known for its flight simulators, said the restructuring program would generate $50 million in annual savings starting in its next fiscal year. (The Logic)
Talking point: The company’s civil-aviation training centres were operating at an average of a third of capacity during the quarter, although that rose to just over 40 per cent in June. Revenue for the division, which typically makes up about half CAE’s business, dropped 48 per cent. The company can take advantage of pandemic-accelerated trends like “e-learning, remote work, the imperative on safety, and the digital transformation and virtualization of the physical world,” CEO Marc Parent told the company’s annual general meeting on Wednesday. He also highlighted the CAE Air1, a new medical ventilator built in response to COVID-19.The Logic reported last month the firm is seeing international demand for the product, and plans to stay in the ventilator business.