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ATS Industrial Automation is a global leader integrator for EV battery, fixed energy storage, E-commerce packaging, electronic product assembly, and testing automation. Our customers are weary of production problems and want high-volume, high-speed capabilities so that they can deliver a quality product, on-time, and on-budget. With expertise in battery assembly, welding, vision, and process automation, ATS Industrial Automations provides the best route to scale their business. Our custom system

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ATS Reports Second Quarter Fiscal 2020 Results

POSTED 11/06/2019

CAMBRIDGE, ON /CNW/ - ATS Automation Tooling Systems Inc. (TSX: ATA) ("ATS" or the "Company") today reported financial results for the three and six months ended September 29, 2019.

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

Second quarter highlights:

Revenues increased 20% to $341.2 million. Organic growth in revenues was 12% with 8% coming from acquired businesses.
Earnings from operations were $31.7 million (9% operating margin), compared to $19.0 million (7% operating margin) a year ago.
Adjusted earnings from operations1 were $42.5 million (12% margin), compared to $25.4 million (9% margin) a year ago.
EBITDA1 was $49.8 million (15% EBITDA margin), compared to $29.0 million (10% EBITDA margin) a year ago.
Stock-based compensation recovery amounted to $1.0 million compared to expense of $6.6 million in the corresponding period a year ago.
Earnings per share were 21 cents basic and diluted compared to 11 cents a year ago.
Adjusted basic earnings per share1 were 29 cents compared to 17 cents a year ago.
Order Bookings were $321 million, 10% lower than a year ago. Excluding acquired businesses, second quarter Order Bookings were $295 million.
Order Backlog increased 14% to $945 million at September 29, 2019 compared to $830 million a year ago.

"Second quarter performance featured year-over-year growth in revenues and continued margin expansion," said Andrew Hider, Chief Executive Officer. "Operationally, our team has executed well in delivering value to customers and driving continuous improvement in operations through our ATS Business Model. Strategically, we have added to our digital capabilities in business intelligence and analytics through the acquisition of iXLOG."

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Year-to-date highlights:

Revenues increased 17% to $680.5 million. Organic growth in revenues was 8% with 9% coming from acquisitions.
Earnings from operations were $60.3 million (9% operating margin), compared to $46.0 million (8% operating margin) in the prior year.
Adjusted earnings from operations1 were $80.6 million (12% margin), compared to $57.9 million (10% margin) in the prior year.
EBITDA1 was $97.0 million (14% EBITDA margin), compared to $65.8 million (11% EBITDA margin) in the prior year.
Stock-based compensation expense decreased to $2.7 million compared to $10.0 million in the corresponding period a year ago.
Earnings per share increased 34% to 39 cents basic and diluted from 29 cents in the prior year.
Adjusted basic earnings per share1 increased 41% to 55 cents from 39 cents a year ago.
Order Bookings increased 4% to $744 million. Excluding acquired businesses, second quarter year-to-date Order Bookings were $687 million.

Mr. Hider added, "We have made good progress in the first half of fiscal 2020, with solid growth in bookings, revenues and operating margins. Going forward, we have initiated a reorganization plan that will support further margin expansion once completed, and reflects our disciplined approach to capital allocation. We continue to have significant Order Backlog and a strong balance sheet that will allow us to continue pursuing our value creation strategy, build, grow and expand, with the goal of creating long-term shareholder value."