October 23, 2014
MTU Aero Engines AG slightly raises forecast in light of nine-month results
In the first nine months of 2014, MTU Aero Engines AG’s revenues grew by 6% to €2,811.6m (1-9/2013: €2,659.6m). The group generated an operating profit of €270.9m (1-9/2013: €267.8m) and its EBIT margin came to 9.6% (1-9/2013: 10.1 %). Net income increased by 5% to €178.3m (1-9/2013: €169.1m). “The good nine-month results and the greater planning confidence for the remaining quarter allow us to reinstate the full-year revenue forecast of around €3,750m that we issued at the beginning of the year,” said Reiner Winkler, CEO of MTU Aero Engines AG. “Moreover, we expect to achieve a higher operating profit and net income than anticipated as yet. Adjusted EBIT will probably rise to around €380 million and net income to around €250m.” MTU had adjusted its revenue forecast slightly downward from €3,750m to €3,650m (2013: €3,574.1m) on the basis of the half-year figures. The outlook had included a stable adjusted EBIT of around €375m (2013: €373.1m) and an adjusted net income in the region of €245m (2013: €235.7m).
The increase in group revenues in the first nine months of 2014 is mainly attributable to strong growth in the commercial engine business, where revenues rose by 12% to €1,563.9m (1-9/2013: €1,402.9 million). The engines that accounted for the largest part of these revenues were the V2500, which powers the Airbus A320, the GP7000 for the Airbus A380, and the GEnx for Boeing’s 787 Dreamliner and 747-8. Revenues in the commercial maintenance business remained stable at €920.8m (1-9/2013: €911.8m). The main source of these revenues was the V2500 engine. “Our third-quarter revenues in the MRO segment were higher than ever before. This means that we have turned the corner and reversed the negative trend that affected revenues in this segment in the earlier part of the year,” added Winkler.