ATS Corporation (NYSE:ATS) Q1 2025 Results Conference Call August 8, 2024 8:30 AM ET

Company Participants

David Galison - Head of Investor Relations
Andrew Hider - Chief Executive Officer
Ryan McLeod - Chief Financial Officer

Conference Call Participants

Michael Glen - Raymond James
Patrick Sullivan - TD Cowen
Joe Ritchie - Goldman Sachs
Justin Keywood - Stifel
Maxim Sytchev - National Bank Financial
David Ocampo - Cormark Securities
Patrick Baumann - JPMorgan

Operator

Hello, everyone, and welcome to the ATS Corporation First Quarter Conference Call and Webcast. This call is being recorded on August 8, 2024 at 8:30 a.m. Eastern time. Following the presentation, we will conduct a question-and-answer session.

I will now turn the call over to David Galison, Head of Investor Relations at ATS. Please go ahead.

David Galison

Thank you, operator, and good morning, everyone. On the call today are Andrew Hider, Chief Executive Officer of ATS; and Ryan McLeod, Chief Financial Officer.

Please note that our remarks today are accompanied by a slide deck, which can be viewed via our webcast and available at atsautomation.com. We caution that the statements made on our webcast and conference call may contain forward-looking information and our cautionary statement regarding such information, including the material factors that could cause actual results to differ materially from the statements and the material factors or assumptions applied in making the statements are detailed on Slide 2 of the slide deck.

Now it's my pleasure to turn the call over to Andrew.

Andrew Hider

Thank you, David. Good morning, everyone, and thank you for joining us. Today, ATS reported first quarter results for fiscal '25, including our second highest bookings quarter in company history, led by both organic and acquisition [indiscernible] within life sciences. The quarter's results once again reflect the strength of our ABM and disciplined execution of our strategy for value creation. To further advance our capabilities, we welcomed Paxiom to the ATS portfolio in July, creating further opportunities in multiple end market verticals. This morning, I will update you on our business and markets and Ryan will provide his financial report.

Starting with our financial value drivers. Order bookings for the quarter were $817 million, up 18% year-over-year, supported by organic growth in life sciences, along with consumer products. Q1 revenues were $694 million, down 8% from Q1 last year as transportation revenues were lower as expected where we are in the early phases of executing on recent program wins in life sciences. By revenue stream, we drove solid growth in year-over-year service and product sales. Adjusted earnings from operations in Q1 were $86 million. Moving to our outlook.