Sale of Ontario Solar assets boosts ATS Automation’s quarterly profit
Company expects to receive $21.4 million from the sale of four solar projects.
CAMBRIDGE, Ont. – ATS Automation Tooling Systems Inc. is reporting a $19.65-million quarterly profit – more than half of it due to its share of gains from the sale of Ontario Solar assets.
The company, based in Cambridge, Ont., is primarily focused on making manufacturing and automation equipment and has been aiming to divest its solar power holdings for some time.
It says it expects to receive $21.4 million from the sale of four solar projects, of which $15.4 million was received during the quarter.
Continuing operations at ATS Automation accounted for $8.65 million first-quarter profit for the quarter while discontinued operations contributed an additional $11.05 million to the ATS bottom line.
The equipment manufacturer had $150 million of revenue during the quarter, down from $152.2 million a year earlier.
©The Canadian Press