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Safran publishes Q1 2017 results
Safran published its first quarter results on April 25, 2017, including sales on continuing operations of 3.98 billion euros, an increase of 5.5% on an organic basis.
Aircraft propulsion revenues grew 5.2%, due to the good performance of the service business for both commercial and military engines, as well as sales of military engines for new aircraft, including the M88 for the Rafale fighter and the TP400 turboprop engine for the Airbus A400M military transport.
Aircraft equipment revenues grew 6.2%, due to increased sales of carbon brakes and landing gear for the A350 and A330, nacelles for the A320neo, spare parts and maintenance services.
The defense business recorded a 4.5% increase due to strong growth in the sale of guidance kits and JIM Compact infrared goggles, along with the launch of the Patroller drone program, which offset a decrease in deliveries of flight control systems for helicopters.
The ramp-up in production of the LEAP engine continued during the first quarter, as Safran delivered a total of 81 engines from January to March. At March 31, 2017, nine airlines were operating airplanes powered by the LEAP-1A, and the fleet has logged 80,000 flight-hours to date.
Based on trading during this quarter, which mainly reflect the momentum of the civil and military aviation markets and the defense business, Safran maintains its outlook for the year. The Group forecasts a 2 to 4% rise in sales, with recurring operating income similar to that of 2016, and cash flow equal to at least 45% of recurring operating income.