BUILDING & ENGINEERING | Staff Reporter, Singapore

ST Engineering profits up 5.3% to $134.59m in Q3

Earnings per share grew 5% to $0.432.

ST Engineering’s Q3 profits rose 5.3% YoY from $127.82m to $132.59m, an announcement revealed. Revenue for the firm inched up 1% to $1.63b whilst earnings per share (EPS) grew 5% to $0.432.

For its aerospace sector, the firm saw a revenue increase of 13% YoY to $689m in Q3 backed by the broad-based growth from its business groups. Its electronics sector’s revenue also inched up 2% to $491m driven by higher revenue recognition from its Large-scale Systems group and Communication & Sensor Systems group

Meanwhile, the land systems sector’s revenue dropped 10% YoY to $297m. Despite this, the sector’s net profit jumped 45% to $17.6m backed by favourable sales mix.

Also read: ST Engineering profits up 10% to $117.5m in Q2

The firm noted that market conditions continued to drag down its marine sector as it posted a 16% drop in revenue to $137m.

ST Engineering president and CEO Vincent Cheong noted that Q3’s key highlight is the targeted acquisition of the $868m MRA System from General Electric.

“This business will help scale up our aerospace capabilities by moving us upstream into the OEM business of high-value components,” Cheong commented. “We are excited by the role it will play in the growth of our Aerospace sector, and look forward to closing the transaction in Q1 2018.”

The firm’s order book as of September YTD hit $13.3b, of which $1.6b will be delivered in the remaining months of 2018.

In Q2, ST Engineering's profits jumped 10% to $117.5m whilst revenue dipped 3% to $1.65b.

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