MTU Aero Engines has generated revenues of €3.4 billion in the first nine months of 2019, up 3% on the previous year.
The group’s operating profit increased by 10% from €509 million to €558 million.
Net income increased by 8% to €392 million, up from €362.8 million experienced in the same nine-month period a year ago.
“With this result, we are on track to achieve our targets for 2019 and therefore confirm our forecast for the year,” said Reiner Winkler, CEO of MTU Aero Engines. “2019 looks set to become another record-breaking financial year for MTU. We are thus continuing with the company’s positive and sustainable development, which was rewarded with a listing on the DAX in the past quarter.”
The area in which MTU recorded the highest revenue growth in the first nine months of 2019 was the commercial engine business, where revenues increased by 10% from €1.03 billion to €1.14 billion. The main source of these revenues was the V2500 engine for the classic A320 family as well as the PW1100G-JM for the A320neo and the GEnx engine that powers the Boeing 787 and 747-8.
At September 30, MTU had an order backlog of €20.8 billion an increase from the number recorded on 31 December 2018, which stood at €17.6 billion. “That is a new record and clearly underscores MTU’s excellent prospects,” commented CFO Peter Kameritsch. “In purely arithmetical terms, the order backlog corresponds to a production workload of more than four years.” The majority of these orders relate to the V2500 and the Geared Turbofan engines of the PW1000G family, in particular, the PW1100G-JM for the A320neo.
MTU reported higher earnings in both the OEM and the MRO segment in the first nine months of 2019. In the OEM segment, operating profit increased by 9 % to €370 million, up from € 341 million in the same period last year.
Elsewhere, MTU Aero Engines built a new test centre for engine parts on its Munich premises, investing more than €25 million in a new building and advanced test equipment.
After two years of construction, the test centre is now operational.
Commenting on the facility, Wagner added: “In our new test centre, we will be testing parts that make up compressors and turbines, that is, for example, blades and vanes, disks, casings, rings, and tubing.”