04:54 PM EST, 11/12/2024 (MT Newswires) -- (Updates shares.)

CAE (CAE.TO, CAE) was last seen up 7.5% in after-hours New York trade after the company on Tuesday reported a lower fiscal second-quarter adjusted profit that beat expectations, while its chief executive plans to depart.

The aircraft simulator and training company said adjusted earnings, excluding most one-time items, fell to $76.2 million, or $0.24 per share, in the quarter ended Sept.30. down from $85.2 million, or $0.26, in the year-prior period. The result beat a consensus forecast for a profit of $0.18 per share, according to Capital IQ.

Revenue for the quarter ended Sept. 30 rose to $1.14 billion from $1.05 billion a year ago.

Management is still targeting about 10% annual growth in Civil adjusted segment operating income, with stronger performance anticipated in the second half of the fiscal year. It also expects Defense revenue to grow at a low- to mid-single-digit percentage annually and for adjusted operating income margin to reach 6% to 7% in fiscal 2025, with potential for further growth beyond that, the company said.

The company added Marc Parent will leave at the annual general meeting in August, after serving 15 years as chief executive. He will remain CEO and board member as he oversees the leadership transition as part of CAE's succession plan. The company is carrying out a search for his successor.

CAE shares were last seen up US$1.45 to US$20.78 after hours. They closed up $0.16 to $26.96 on the Toronto Stock Exchange.