Cae Announces Re-Baselining Of Its Defense Business; Defense Records $568M Goodwill Impairment, $90.3M Unfavourable Contract Adjustments, And $35.7M Impairment Of Related Intangible Assets; Appoints Of Nick Leontidis As COO
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CAE Inc. announced a re-baselining of its Defense business, recording significant impairments and unfavorable contract adjustments. Nick Leontidis has been appointed as COO to oversee both Civil and Defense segments.
May 21, 2024 | 8:33 pm
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CAE Inc. has announced a re-baselining of its Defense business, resulting in a $568M goodwill impairment and $90.3M in unfavorable contract adjustments. Additionally, Nick Leontidis has been appointed as COO to oversee both Civil and Defense segments.
The significant impairments and unfavorable contract adjustments are likely to negatively impact CAE's financial performance in the short term. The appointment of Nick Leontidis as COO may bring some stability, but the immediate financial impact is predominantly negative.
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