ATS Reports Second Quarter Fiscal 2021 Results

Cambridge, Ontario (November 4, 2020): ATS Automation Tooling Systems Inc. (TSX: ATA) (“ATS” or the “Company”) today reported its financial results for the three and six months ended September 27, 2020.

 

Second quarter highlights:

  • Revenues decreased 2% to $335.5 million.
  • Earnings from operations were $23.4 million (7% operating margin), compared to $31.7 million (9% operating margin) a year ago. Adjusted earnings from operations1 were $40.1 million (12% margin), compared to $42.5 million (12% margin) a year ago.
  • EBITDA1 was $41.5 million (12% EBITDA margin), compared to $49.8 million (15% EBITDA margin) a year ago.
  • Earnings per share were 13 cents basic and diluted compared to 21 cents a year ago.
  • Adjusted basic earnings per share1 were 26 cents compared to 29 cents a year ago.
  • Order Bookings were $403 million, 26% higher than a year ago.
  • Order Backlog increased 1% 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% of our Order Backlog at period end, and the Consumer market including food,” said Andrew Hider, Chief Executive Officer. “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.”

 

Year-to-date highlights:

 

  • Revenues decreased 3% to $660.4 million.
  • Earnings from operations were $44.5 million (7% operating margin), compared to $60.3 million (9% operating margin) in the prior year. Adjusted earnings from operations1 were $69.8 million (11% margin), compared to $80.6 million (12% margin) in the prior year.
  • EBITDA1 was $80.7 million (12% EBITDA margin), compared to $97.0 million (14% EBITDA margin) in the prior year.
  • Earnings per share was 23 cents basic and diluted compared to 39 cents in the prior year.
  • Adjusted basic earnings per share1 were 43 cents compared to 55 cents a year ago.
  • Order Bookings were $728 million, compared to $744 million a year ago.

Mr. Hider added, “Despite the pandemic, our results in the first half of fiscal 2021 reflect solid Order Bookings, revenues and operating margins. Going forward, we will continue to drive improvement in our operations. In September, we initiated a reorganization plan that will streamline our transportation business once complete. We opened the ATS Innovation Centre and we secured the first assignment for our new SymphoniTM digital manufacturing technology that will enhance the productivity of a customer’s automated assembly processes. By investing in innovation and product development and focusing on growth areas, we bring increased value to our customers with the goal of creating long-term shareholder value.”

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