ATS Reports Fourth Quarter and Fiscal 2020 Results

CAMBRIDGE, ON /CNW/ - ATS Automation Tooling Systems Inc. (TSX: ATA) ("ATS" or the "Company") today reported financial results for the three and 12 months ended March 31, 2020.

[ATS Automation Tooling Systems (CNW Group/ATS Automation Tooling Systems Inc.)]

Fourth quarter highlights:

• Revenues increased 10% to $382.1 million with organic growth in revenues of 2% and 8% coming from acquired businesses.
• Earnings from operations were $24.9 million (7% operating margin), compared to $30.3 million (9% operating margin) a year ago. Adjusted earnings from operations1 were $39.3 million (10% margin), compared to $38.2 million (11% margin) a year ago.
• EBITDA1 was $43.2 million (11% EBITDA margin), compared to $42.6 million (12% EBITDA margin) a year ago.
• Earnings per share were 14 cents basic and diluted compared to 20 cents a year ago.
• Adjusted basic earnings per share1 were 26 cents for the fourth quarter of fiscal 2020 and 2019.
• Order Bookings were $356 million, 19% higher than a year ago.
• Order Backlog increased 4% to $942 million at March 31, 2020 compared to $904 million a year ago.

"Fourth quarter performance featured year-over-year growth in revenues and Order Bookings," said Andrew Hider, Chief Executive Officer. "Our teams have done an outstanding job ensuring that we continue to deliver exceptional work for our customers, while making adjustments in how we operate to ensure employee safety during the global pandemic. We have taken on new mandates to help customers rapidly transition production to personal protective equipment and ramp-up production of critical life sciences products to aid in the fight against COVID-19."  

Annual fiscal 2020 highlights:

• Revenues increased 14% to $1,429.7 million with organic growth in revenues of 4% and 10% coming from acquisitions.
• Earnings from operations were $95.6 million (7% operating margin), compared to $114.8 million (9% operating margin) in the prior year.
• Adjusted earnings from operations1 were $157.4 million (11% margin), compared to $142.8 million (11% margin) in the prior year.
• EBITDA1 was $167.0 million (12% EBITDA margin), compared to $157.2 million (13% EBITDA margin) in the prior year.
• Earnings per share was 57 cents basic and diluted compared to 76 cents basic and 75 cents diluted in the prior year.
• Adjusted basic earnings per share1 increased 8% to $1.06 from 98 cents a year ago.
• Order Bookings of $1,468 million were 4% higher than a year ago.

Mr. Hider added, "The financial impact of the pandemic cannot be reasonably estimated. We have implemented measures to contain costs and preserve liquidity, which will help to mitigate some of the pressure we expect to experience on our revenues and operating margins in fiscal 2021. We have a strong business with good Order Backlog, a healthy balance sheet and valued customer relationships with world-leading organizations many of whom themselves are essential service providers. Over the long-term, when we do move beyond this crisis, our business is uniquely positioned to provide value to our customers as they innovate, drive efficiency and examine the need for supply chain refinements within their operations."