MTU Aero Engines swung to a net profit of €211 million, or €3.90 earnings per share, it said in its third quarter earnings report on October 24, 2024. This is compared to a net loss of €568 million, or €10.61 loss per share, in last year's third quarter.
The company's revenues more than doubled from €560 million last year to €1.9bn in this year's quarter. Adjusted revenues were €1.9bn, compared to adjusted revenues of €1.5bn last year.
The company recorded an adjusted EBIT of €273 million in the quarter, up from €192 million last year. Its OEM business' adjusted EBIT was up from €111 million last year to €156 million this year. Additionally, the company's commercial maintenance segment reported an adjusted EBIT of €118 million, up from €81 million last year.
MTU's order backlog was valued at €23.4bn as of the end of the quarter. Total assets and liabilities as of the quarter's end was €11.8bn, including cash and cash equivalents at €1.9bn.
"We seize all the opportunities the market has to offer. We also meet the ongoing challenges presented by the market with appropriate responses,” commented Lars Wagner, CEO of MTU Aero Engines. “This meant that the first nine months of 2024 were so successful that we can achieve our earnings target of €1bn one year earlier than originally planned. MTU had aimed to reach this target in 2025.
The company is now forecasting an adjusted EBIT of slightly over €1bn.
The company also opened a new engine spare parts warehouse in Fort Worth, Texas, for MTU Maintenance Dallas. It is the second such facility for the Amsterdam-based company.