EPS of 25c missed estimates of 32.5c; revenue of $612.7M missed estimates of $639.5M. EBITDA of $78.3M matched estimates. The drop in earnings (from 63c) was blamed on 'shifting customer investment trends in North American electric vehicle production'. Revenue fell 17% overall. ATS says that transportation is still expected to be a smaller portion of its overall business going forward, but for now it is a drag on results. Bookings were $742M, flat year over year. Backlog is $1.8B. Life sciences was a relative standout vs other divisions. ATS has now missed four of eight quarters, and it shows in the stock price (down 29% YTD). Good EPS is still expected next year but it certainly needs to execute better. We are not overly impressed here.
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