ATS Corporation announces transformation program alongside quarterly revenue

• The single biggest result was ATS Corporation reporting $693.7 million in first-quarter revenue and initiating a Fixed Cost Transformation Program.
• The automation company recorded a net loss of $0.3 million compared to net income of $24.3 million in the prior-year period.
• Management stated they expect the cost transformation initiative to improve structural profitability as total order backlog reached $1,889 million.

ATS Corporation (NYSE:ATS) reported first-quarter revenue of $693.7 million while initiating a Fixed Cost Transformation Program.

This revenue result represents a decline from $736.7 million generated during the same quarter last year.

The company posted a net loss of $0.3 million compared to net income of $24.3 million in the prior-year period.

Adjusted basic earnings per share fell to 35 cents from 41 cents a year ago.

The business recorded order bookings of $656 million compared to $693 million in the prior-year period.

The automation provider stated its total order backlog stood at $1,889 million as it implements its cost efficiency measures.