01:18 PM EDT, 05/16/2024 (MT Newswires) -- ATS Corporation's ( ATS ) consolidated revenue came in at $791.5 million (up +8% y/y; +3.5% y/y organically), +10% stronger than consensus at $721 million and NBF at $720 million.

Adjusted EPS was $0.65, again, stronger when compared to Street and NBF at $0.55.

Order backlog fell -17% y/y as bookings came in at $791 million.

National Bank analyst Maxim Sytchev notes that shares peaked in low $60's last July and are now sitting -30% below those levels. "We don't know when EV backlog growth resumes but there is the "rest" of the business that appears to move forward and with tuck-in M&A should offset transport compression in F2025E."

ATS shares are rated Outperform with $65 target price.

Price: 45.97, Change: +1.32, Percent Change: +2.96