CAE Inc. (NYSE:CAE) Q1 2023 Results Conference Call August 10, 2022 1:30 PM ET
Company Participants
Andrew Arnovitz - SVP, IR
Marc Parent - President and CEO
Sonya Branco - CFO
Conference Call Participants
Kevin Chiang - CIBC
Fadi Chamoun - BMO
Cameron Doerksen - National Bank Financial
Konark Gupta - Scotiabank
Benoit Poirier - Desjardins Capital Markets
Tim James - TD Securities
Noah Poponak - Goldman Sachs
Allison Lampert - Reuters
Operator
Ladies and gentlemen. Welcome to the CAE First Quarter Conference Call. Please be advised that this call is being recorded.
I would now like to turn the meeting over to Mr. Andrew Arnovitz. You may proceed Mr. Arnovitz.
Andrew Arnovitz
Thank you. Good afternoon everyone, and thank you for joining us today. Before we begin, I’d like to remind you that today’s remarks, including management’s outlook and answers to questions contain forward-looking statements.
These forward-looking statements represent our expectations as of today, August 10, 2022, and accordingly, are subject to change. Such statements are based on assumptions that may not materialize and are subject to risks and uncertainties.
Actual results may differ materially, and listeners are cautioned not to place undue reliance on these forward-looking statements. A description of the risks, factors and assumptions that may affect future results is contained in CAE’s annual MD&A, available on our corporate website, and in our filings with the Canadian Securities Administrators on SEDAR and the U.S. Securities and Exchange Commission on EDGAR.
On the call with me this afternoon, are Marc Parent, CAE’s President and Chief Executive Officer; and Sonya Branco, our Chief Financial Officer. After the remarks from Marc and Sonya, we’ll take questions from financial analysts and institutional investors. And following the conclusion of that Q&A period, we’ll open the call to questions from members of the media.
Let me now turn the call over to Marc.
Marc Parent
Thank you, Andrew, and good afternoon to everyone joining us on the call. We had a mixed performance in the first quarter with Civil delivering results in line with our view for strong annual growth and increased market share momentum. Defense results were disappointing. However, coming in very well short of our expectations. The shortfall was mainly due to unanticipated discrete charges on 2 of our legacy programs and increased intensity of the defense sector-wide headwinds that we’re facing in this early stage of our multiyear growth journey.