MTU Aero Engines lifts forecast after good first half

MTU Aero Engines Holding AG posted reduced revenues ( € 1,348.8 million compared with € 1,376.0 million) but an improved operating profit (€ 144.1 million against € 137.1 million) for the first half. It lifted its foreceast for the whole year.

“MTU has achieved good results in the past six months,” claimed Egon Behle, CEO of MTU Aero Engines Holding AG. “The market is picking up as expected and we are additionally benefiting from the tailwind of the euro’s falling exchange rate against the U.S. dollar. These circumstances have permitted us to lift our full-year forecast. We are now aiming for revenues of around € 2,750 million by the end of the year and earnings (EBIT adjusted) in the region of € 310 million.”

Revenues in the commercial engine business have remained stable and amounted to € 569.7 million for the first six months of 2010 (1-6/09: € 570.2 million). The major part of these revenues, from both new engine and spare parts sales, were generated by the V2500 program for the Airbus A320 family, the PW2000 for the Boeing 757 and C-17, and the CF6-80C for the Boeing 747 and Airbus models A310 and A330. The GP7000 engine for the A380 is also generating an increasing volume of business.

Revenues in the military engine business increased by 8%, mainly as a result of the settlement of out-standing invoices. At June 30, 2010, these revenues amounted to € 249.3 million, compared with € 231.9 million at the end of June 2009. The main source of these revenues was the EJ200 Eurofighter engine. On the subject of possible cutbacks in the German defense budget, Behle said: “Until such time as concrete resolutions have been passed, we are not in a position to make public statements concerning the impact this might have on our military business.“

Revenues in the commercial maintenance business came to € 544.0 million at the end of June 2010, compared with € 589.0 million one year earlier. The signs of recovery in this operating segment are particularly evident when the results are compared on a quarterly basis: MTU’s revenues from maintenance services increased by 22% between the first and second quarters of 2010. The main source of commercial maintenance revenues was the V2500 engine.

MTU’s order backlog has increased by 14% to € 4,717.2 million since the end of 2009 (Dec. 31, 2009: € 4,150.9 million). This corresponds to 1.8 times annual revenues in 2009. New orders focused mainly on the V2500 and PW1000G engines. “The volume of air traffic has returned to pre-crisis levels, in both the passenger and cargo sectors. We are pleased to see that this upturn has resulted in a corresponding increase in our order backlog,” says Behle.

MTU has increased its research and development expenditure by 15% to € 107.8 million (1-6/09: € 93.9 million). This applies particularly to spending on in-house research and development projects, which increased by 32% to € 70.1 million (1-6/09: € 53.1 million). The main focus of the research and development activities lay on the PW1000G engine for the Mitsubishi Regional Jet and the Bombardier CSeries, the GEnx engine destined for the Boeing 787 Dreamliner and Boeing 747-8, and the GE38 engine for the Sikorsky CH-53K heavy-lift transport helicopter.

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