TORONTO, Aug. 8, 2018 /CNW/ – Magellan Aerospace Corporation (“Magellan” or the “Corporation”) released its financial results for the second quarter of 2018 in accordance with the newly adopted IFRS 15, Revenue from Contracts with Customers. All amounts are expressed in Canadian dollars unless otherwise indicated. The results are summarized as follows:
| Three month period ended June 30 |
Six month period ended June 30 |
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| Expressed in thousands of Canadian dollars, except per share amounts | 2018 | 2017 (restated)1 |
Change | 2018 | 2017 (restated)1 |
Change | |
| Revenues | 241,221 | 252,037 | (4.3)% | 485,846 | 500,256 | (2.9)% | |
| Gross Profit | 41,273 | 45,557 | (9.4)% | 81,701 | 89,052 | (8.3)% | |
| Net Income | 23,464 | 19,857 | 18.2% | 40,928 | 59,497 | (31.2)% | |
| Net Income per Share | 0.40 | 0.34 | 17.6% | 0.70 | 1.02 | (31.4)% | |
| EBITDA | 41,786 | 39,781 | 5.0% | 75,924 | 102,367 | (25.8)% | |
| EBITDA per Share | 0.72 | 0.68 | 5.9% | 1.30 | 1.76 | (26.1)% | |
12017 reported figures have been restated applying IFRS 15, Revenue from Contracts with Customers. See “Changes in Accounting Policies”.