MTU Aero Engines reaffirms forecast
MTU Aero Engines generated revenues of € 640.2 million in the first quarter of 2010 , some 50 million less than last year. Operating profit went down from 75 to 68 million Euros.
The EBIT margin has remained stable at 10.7 % (1-3/09: 10.8 %). MTU’s net income for the three-month period improved by 5 % from € 31.0 million in 2009 to € 32.6 million in 2010.
“The results for the first quarter are in line with the forecast we issued in February and which we are now able to confirm,” commented Egon Behle, CEO of MTU Aero Engines Holding AG. “As foreseen, the figures are mostly at a similar level to those reported for the fourth quarter of 2009, and are on a par with the development we expect to see in the first half of the year. We think it likely that business could benefit from positive stimuli in the second half of the year.”
The MRO segment’s revenues amounted to € 245.0 million (1-3/09: € 302.4 million), and remained stable relative to the fourth quarter 2009. The depressed market environment in 2009 stabilized, as expected, at around fourth-quarter levels in the first three months of the present year. The highest contribution to revenues came from the V2500 engine for the Airbus A320 family.
The commercial engine business produced revenues of € 265.3 million (1-3/09: € 284.6 million). Excluding the effect of the U.S. dollar exchange rate, revenues in this segment remained stable. The programs generating the highest revenues were the V2500 for the Airbus A320 family, the PW2000 for the Boeing 757 and C-17, and the CF6-80C for the Boeing 747 and Airbus types A310 and A330.
MTU’s military engine business saw booked revenues improve by 19 % to € 136.1 million (1-3/09: € 114.2 million). The main sources of revenues are the EJ200 Eurofighter engine and the RB199 that powers the Tornado.
MTU’s order backlog has increased by 6 % since the end of the last financial year, and now stands at € 4,407.4 million (Dec. 31, 2009: € 4,150.9 million). “The increase in our order backlog is another positive sign indicating that the aviation market is on the way to recovery,” said Behle. “MTU is well positioned to benefit from the upturn.” New orders were received, in particular, for the V2500 and the PW1000G geared turbofan.