MTU Aero Engines has published its figures for the first nine months of 2023. Without adjustments, MTU’s reported revenue was €3.7bn at the end of the first nine months and reported EBIT was a loss of €410 million. On an adjusted basis that excludes the exceptional charges of around €1.0 billion relating to the Geared Turbofan inspection program, MTU Aero Engines revenue grew by 21% to €4.6bn, with adjusted operating profit up by 33% to €597 million, and adjusted net income of €438 million at end-September, an increase of 37%.
“The good performance based on the adjusted figures is testimony to MTU’s excellent market position and operational capability,” said Lars Wagner, CEO of MTU Aero Engines AG, commenting on the business figures. “MTU posted organic growth in all business segments. However, exceptional charges for the Geared Turbofan inspection program affected our figures.”
Wagner said that in view of the adjusted figures, the company has confirmed its guidance for the full year, which has been adjusted for the charges of around €1 billion arising from the Geared Turbofan inspection program, to be between €6.1 and €6.3 billion for the full year. Adjusted EBIT is expected to be slightly above €800 million in 2023, while free cash flow is expected to be slightly higher than the previous year’s figure.
The highest revenue growth came from the commercial engine business, where adjusted revenue climbed 29% from €946 million to €1.2bn. Organic revenue in the commercial series business grew by a percentage in the thirties while organic revenue in the spare parts business grew by a percentage in the twenties. The main revenue generator in the commercial engine business was the PW1100G-JM for the A320neo.
Revenue from commercial maintenance rose by 18% to €3.1 billion. The most important revenue generators were the PW1100G-JM for the A320neo and the V2500 for the classic A320 family. “Revenue increased across all platforms. The GTF MRO was mainly sup-ported by the further ramp-up of MTU Maintenance Zhuhai and EME Aero,” reported CFO Peter Kameritsch.
The order backlog was valued at €22bn at the end of September, with the majority of orders for the V2500 and the Geared Turbofan engines of the PW1000G family, especially the PW1100G-JM.