16 May 12. AGY Holding Corp. announced consolidated results for the three months ended March 31, 2012. Consolidated net sales in first quarter 2012 of $47.1m increased $2.2m, or 4.7% from the first quarter of 2011, which consists of $40.1m of sales reported by the AGY US business segment and $7.0m of sales reported by the AGY Asia business segment. AGY US net sales in the first quarter of 2012 increased $2.1m, or 5.5%, compared to the first quarter of 2011. AGY Asia net sales in the first quarter of 2012 were essentially flat with the first quarter of 2011 level (after accounting for the elimination of intercompany sales). This increase in net sales was primarily driven by higher volumes in the aerospace, CFM and industrial markets, and some favorable mix gains, particularly in the construction market. The aerospace market remains robust and performed stronger than expected, with an on-going bias toward lighter-weight interior materials. Demand for CFM heavy truck and automotive applications and for industrial applications in oil and gas drilling and fire retardant mattresses resulted in year-over-year volume growth in the CFM and industrial markets. In the construction market, a mix shift towards more technically-advanced materials for architectural roofing applications helped partially offset volume declines. Additionally, sales into the defense market decreased due to the completion of some U.S. and international programs, and competitive pressure related to certain specialty electronics fibers caused a decline in sales to the electronics market. Consolidated loss from operations was $2.6m for the first quarter of 2012 compared to $1.4m for the same period in 2011, a decline of $1.2m. AGY US operating results decreased by $1.7 m as operating profit gains at the U.S. subsidiaries’ level were more than offset by $2.9m of restructuring charges. AGY Asia operating results increased by $0.5m. (Source: Yahoo!/BUSINESS WIRE)
17 May 12. CAE (NYSE:CAE)(TSX:CAE) has acquired Oxford Aviation Academy (OAA), an industry-leading provider of aviation training and crew sourcing services for C$314m. This acquisition strengthens CAE’s leadership and global reach in civil aviation training by increasing its training centre footprint, growing its Ab-Initio flight training network and extending its portfolio by adding OAA’s Parc Aviation, the global leader in pilot and maintenance crew sourcing for airlines and leasing companies. (Source: ASD Network)
15 May 12. Austerity squeeze lifts Babcock profits 56%. The squeeze on spending by governments and private companies helped Babcock
International, the support services and defence group, boost pre-tax profits by 56 per cent in the year to end-March 2012. The news sent shares in the company, which maintains Britain’s nuclear submarine fleet, up 8.7 per cent to 868½p. Peter Rogers, chief executive, said he expected the economic climate to continue to present opportunities in the coming year.
“There is huge pressure in public and private corporations to do what they do in the most efficient way possible. This doesn’t necessarily mean at the lowest price but it does mean more effectively. This environment is putting pressure on companies to think radically and differently about what they do, and this provides opportunities for us.”
Babcock’s order book now stands at £13bn, up from £12bn in 2010-2011, and the company said more than 70 per cent of anticipated revenue for 2012-13 and 45 per cent of revenue for 2013-14 had already been contracted. In the 12 months to March 31, the company brought in £2.84bn in revenues, up 11 per cent on the preceding year. On an organic basis – taking into account the impact of acquisitions – sales were up 5.6 per cent. The best-performing division was support services, where revenues rose 15 per cent, thanks to contract wins for Babcock’s nuclear, rail and infrastructure businesses, while the marine and technology division’s sales rose 6 per cent due to higher