Safran raises its profit forecast
By David Wood | 25th October 2024
Global aerospace supplier Safran has raised its profit forecast after encouraging results for the first nine months of the year.
The company, which has a base in Gloucester, saw its revenue in Q3 jump 14% to €6,639 million, meaning its revenue in the first nine months was €19,686 million, up 17.4% on last year.
Safran's full year outlook has been updated to around €27.1 billion (vs. around €27.4 billion previously).
CEO Olivier Andriès said: "In light of the strong performance in the first nine months of the year, with a 17% growth in revenue driven notably by aftermarket activities for engines and aircraft equipment, Safran is raising its full-year profit forecast.
"Narrowbody OE deliveries were limited by supply chain bottlenecks in specific areas. The group's priority remains to best meet customer needs and unlock supply chain constraints. We remain very confident in our ability to continue on a path of profitable growth in the years to come."
As for organic revenue per division, Propulsion was up by 9.2% driven by services growth; Equipment & Defense was up by 16.3% driven by all businesses, notably defense, nacelles and landing systems; and Aircraft Interiors continued its sales expansion with a solid 28.4% increase although it remains 4% below 2019 levels.
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