In the first quarter of 2020, MTU Aero Engines generated revenue of €1,272.7 million, an increase of 13% compared with the prior-year period (2019: €1,131.2 million). The operating profit declined by 3% from €187.6 million to €181.8 million due to the revenue mix. The adjusted EBIT margin was 14.3% (2019: 16.6%). Adjusted net income was €128.0 million, compared with €133.5 million in the prior-year period.
In the first quarter of 2020, the highest revenue growth at MTU was in the commercial maintenance business, where revenue rose by 21% to €794.9 million (1-3/2019: €655.1 million). The main source of revenue was the V2500 for the classic A320 family. Adjusted EBIT increased by 16% from €56.8 million to €65.7 million. The EBIT margin was 8.3%, compared with 8.7% in the same period of 2019.
Revenue in the commercial engine business increased by 4% from €385.6 million to €399.3 million. The main revenue drivers were the V2500, the PW1100G-JM for the A320neo and the GEnx, which is used in the Boeing 787 and 747-8 models.
In the OEM business, adjusted EBIT declined by 11% to €116.2 million in the first quarter (1-3/2019: €130.5 million). The adjusted EBIT margin was 23.4%, compared with 26.6% in the prior-year period.
MTU’s order backlog at the end of the first quarter was €19.4 billion (December 31, 2019: €19.8 billion). The majority of these orders related to the V2500 and the Geared Turbofan™ engines of the PW1000G family, especially the PW1100G-JM for the A320neo.
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