MTU Aero Engines operating profit up 40% in second quarter, beating expectations
The Airbus (AIR.PA), opens new tab and Boeing (BA.N), opens new tab supplier said its adjusted earnings before interest and taxes were 357 million euros ($420.22 million) in the quarter, above last year's 252 million euros and exceeding analysts' forecasts of 300 million euros in a company-provided consensus.
"A profitable revenue mix in series production with a high proportion of spare and lease engines bolstered earnings, as did high spare parts sales,' CFO Katja Garcia Vila said in a statement.
In June, MTU said delays in aircraft deliveries from Airbus and Boeing resulted in older engines staying in service longer, benefiting its maintenance, repair and overhaul (MRO) business.
Fewer aircraft deliveries reflect positively on the German engine manufacturer, as new engine models are loss making.
The Germany-based company had an order backlog of 25 billion euros as of June 30, down 13% compared to December of last year.
However, $1.75 billion in Paris Air Show orders were not yet reflected in the backlog, the company said in a statement.
($1 = 0.8495 euros)
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