MTU: “Best half-year result in the company's history”
In the first half of 2011, MTU Aero Engines Holding AG boosted its operating profit by 14 % to € 164.0 million.
“That's the best half-year result in the history of MTU,” said Egon Behle, CEO of MTU Aero Engines Holding AG, “and it is reason for us to revise our full-year forecast upward. We are now expecting to achieve an EBIT adjusted figure of € 325 million in 2011.”
Revenues reached € 1,346.5 million (1-6/2010: € 1,348.8 million), while the company succeeded in boosting its earnings after tax by 22 % to € 89.1 million (1-6/2010: € 73.3 million).
MTU reaffirms its full-year forecast for revenues, which are set to rise by 7–8 %. The company is expecting revenues to rise in the second half-year in both the OEM and MRO segments.
Compared with the same period in 2010, the stable trend in revenues in the first half of 2011 reflects the U.S. dollar-euro exchange rate, which impacted revenues in both the commercial engine and commercial MRO businesses. Adjusted for the exchange rate effect, revenues rose by 5 %.
The company posted its highest growth rate in the commercial engine business, which includes spare parts sales, with revenues rising by 11 % to reach € 633.5 million (1-6/2010: € 569.7 million). In U.S. dollar terms, the growth was even higher at 17 %.
The key revenue earners were the V2500 for the Airbus A320 family, the PW2000, which is deployed in the Boeing 757 and C-17, the CF6-80C, which powers the Boeing 747 and Airbus A310 and A330, and the GP7000 for the A380 mega-Airbus. The GEnx engine for the Boeing 787 Dreamliner and 747-8 is also gaining in importance.
As expected, the effects of defense budget cuts make themselves felt in the military engine sector. Revenues amounted to € 210.5 million compared with € 249.3 million in the same period of 2010, which was exceptionally strong due to the timing of the settlement of invoices. The main source of revenues was the EJ200 engine for the Eurofighter.
Commercial MRO revenues weighed in at € 518.7 million compared with € 544.0 million in the first half of 2010, with revenue per shop visit remaining slightly below expectations. Adjusted for the effect of the U.S. dollar exchange rate, MRO revenues were stable.
At € 4,259.6 million, the order backlog is equivalent to 1.6 times the annual revenues of 2010 (order backlog Dec. 31, 2010: € 4,506.7 million). This figure does not include the orders for the geared turbofan for the A320neo announced in the previous quarter, including those placed with MTU at the Paris Air Show.