Safran’s revenue up 36.9% in first quarter 2019

Safran has reported first quarter 2019 revenue amounted to €5,781 million compared with €4,222 million in the year ago period. This represents an increase of 36.9%, or €1,559 million.
Changes in scope had a contribution of €802 million, of which €781 million related to the acquisition of Aerosystems and Aircraft Interiors, and €21 million related to the acquisition of the ElectroMechanical Systems activities of Collins Aerospace.
The net impact of currency variations amounted to €223 million, mainly reflecting a positive translation effect on non-Euro revenues from the USD (the average EUR/USD spot rate was 1.14 in Q1 2019, compared with 1.23 in Q1 2018).

On an organic basis, revenue increased 12.6%, as all activities contributed positively. Combined deliveries of CFM engines (LEAP and CFM56) increased by 15.9% to 577 units in Q1 2019 from 498 units in Q1 2018.

424 LEAP engines were delivered in Q1 2019 compared with 186 units in the year ago period. Regarding the adjustments to the 737 MAX production system announced by Boeing, CFM has maintained the production rate for the LEAP-1B at this point and will undertake temporary adjustments if necessary.

CFM56 deliveries reached 153 units in Q1 2019 compared with 312 in Q1 2018, reflecting the planned production ramp down.

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