MTU: 2014 first-quarter revenues and earnings on previous year’s level
The results reported by MTU Aero Engines AG for the first quarter 2014 are in line with the previous year. Group revenues remained stable at €913.0 million (1-3/13: €906.0 million).
MTU’s operating profit in the first three months of 2014 amounted to €89.0 million (1-3/13: €88.3 million), resulting in an unchanged EBIT margin of 9.7%. Earnings after tax2 also reached the previous year’s level, and amounted to €56.0 million (1-3/13: €55.5 million).
“The stable earnings in the first three months of 2014 allow us to confirm our full-year forecast,” said Reiner Winkler, CEO of MTU Aero Engines AG. “Our first-quarter revenues were impacted by currency translation effects. An additional factor was the relatively high comparative 2013 figure for the commercial maintenance business, which was due to revenue deferrals. In the further course of the year, we expect revenues to grow to our forecast value of approximately €3.750 million.”
In the OEM segment, revenues from both commercial and military engines were slightly up on the previous year. An increase of 2% to €500.5 million (1-3/13: €488.4 million) was reported for the commercial engine business, which includes engine manufacturing and spare parts. The engines that generated the highest share of revenues were the V2500 engine for the Airbus A320 family, the GP7000 engine for the Airbus A380, and the GEnx engine for the Boeing 787 and 747-8.
Revenues in the military engine business increased by 4% to €116.6 million (1-3/13: €112.2 million) and mainly derived from the EJ200 Eurofighter engine.
Commercial maintenance revenues decreased by 3% to €303.6 million (1-3/13: €313.1 million). The main source of these revenues was the V2500 engine deployed in the Airbus A320 family.
The order backlog at March 31, 2014 amounted to €9,832.4 million, which corresponds to a production workload of almost three years. The majority of these orders concern the V2500 engine, and the PW1000G family of geared turbofan engines. The latter are deployed in the Airbus A320neo, the Bombardier CSeries, the new generation of Embraer E-Jets, the Mitsubishi Regional Jet, and the Irkut MS-21.