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Firan Technology Group Announces Q3 2020 Earnings
October 9, 2020 | Globe NewswireEstimated reading time: 2 minutes
Firan Technology Group reported a 13% sales decrease in its Q3 2020 from Q3 2019. Sales decreased by $3.6M from $28M in Q3 2019.
It also reports that the Canadian dollar was $0.02 weaker in Q3 this year versus Q3 last year, which negatively impacted commercial aerospace activity this year and this impacted FTG’s sites predominantly focused on this market, which includes Circuits Toronto and the facilities in China.
On a year-to-date basis, sales were $75.7M compared to $85.6M for the same period last year. The drop is due to the COVID-19 pandemic in combination with timing on simulator related orders.
The Circuits Segment sales were down $2.6M, or 14% in Q3 2020 versus Q3 2019. Included in Q3 2020 were sales of $1.6M from Circuits Fredericksburg compared to $1.2M in Q3 last year when that site was acquired. Circuits Fredericksburg was slightly impacted by a fire in that facility at the start of the quarter. The facility is fully operational and remediation is complete. The Toronto and the Joint Venture in China sites were all down in the quarter due to reduced demand. Year-to-date sales in the Circuits Segment were $51.7M vs $52.8M in 2019. Circuits Fredericksburg contributed $6.3M in 2020 compared to $1.2M in 2019.
For the Aerospace Segment, sales in Q3 2020 were $8.7M compared to $9.6M in Q3 last year. Simulator related sales were down $1M in Q3 2020. Simulator revenues are expected to be strong in the fourth quarter. The Aerospace sites were negatively impacted by extended component lead times as a result of COVID-19 impacts on the supply chain. Year-to-date 2020, Aerospace Segment sales were down $8.8M or 27%, partly due to lower demand and partly due to timing of simulator related orders.
Gross margins in Q3 2020 were $6.7M or 27.6% compared to $7.9M or 28.3% in Q3 2019. The lower sales impacted the overall margin while strong cost control and the Canadian wage subsidy partially offset this drop.
Earnings before interest, tax, depreciation and amortization (EBITDA) for FTG for Q3 2020 was $3.3M compared to $4.3M in Q3 2019.
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