PARIS (Reuters) – France’s Safran on Friday posted 26% higher underlying third-quarter revenues and reaffirmed full-year financial targets.
The jet engine and equipment maker said quarterly revenues rose 20.1% – or 25.9% on a like-for-like basis – to 5.825 billion euros, led by core propulsion revenues and buoyed by refurbishment projects at its Aircraft Interiors division.
Safran co-produces LEAP jet engines for Boeing and Airbus narrow-body jets with GE through their CFM International joint venture.
Safran followed GE in trimming the full-year percentage growth forecast for LEAP engine deliveries to 40-45% from around 50%. So far this year, deliveries of the fuel-saving engine have risen 45% to 1,174 units.
It raised its percentage growth forecast for civil aftermarket sales to the low 30s from mid to high 20s, after the widely watched performance indicator grew 38% in dollar terms in the first nine months.
The contrasting moves come as supply chains weigh on new deliveries while surging travel demand pushes up fleet repairs.
CEO Olivier Andries said in a statement Safran’s priority “remains to ramp-up production while we still operate in a constrained supply chain environment”.
(Reporting by Tim Hepherm, editing by Tassilo Hummel)
