France’s Safran posts higher first-half profit
1:12 am Wednesday, July 31st, 2024
PARIS (Reuters) – Jet engine and equipment maker Safran reaffirmed financial targets as it posted higher first-half profit on Wednesday, led by growth in the demand for spares and maintenance for existing aircraft and an end to losses in aircraft interiors.
The French aerospace company said recurring operating income rose 41% in the first half to 1.974 billion euros ($2.14 billion) as sales rose 19% to 13.047 billion euros.
Safran expressed confidence in its ability to reach 2024 financial targets, especially at the operating level, but joined U.S. partner GE Aerospace in trimming the outlook for growth in LEAP jet engine deliveries to between zero and 5% from a previous target of 10%-15% amid supply chain problems.
Safran and GE Aerospace jointly own CFM International, the world’s largest jet engine maker by volume, whose engines power all Boeing 737s and about half of the competing Airbus A320 family.
($1 = 0.9239 euros)
(Reporting by Tim Hepher; Editing by Mrigank Dhaniwala)
