MTU Aero Engines’ revenue increased by 31% year-on-year to €1.54bn in the first quarter of 2023, while operating profit increased by 62% from €131 million to €212 million.
The adjusted EBIT margin rose from 11.1% in the first quarter of 2022 to 13.7% in the first quarter of 2023, with net income up 70% from €93 million to €157 million.
“MTU has made a flying start to the 2023 fiscal year. We have just ended the best quarter in MTU’s history. Both revenue and earnings were well above market expectations,” said Lars Wagner, chief executive.
“The strong demand in the first quarter gives us confidence and supports our growth track. In view of the ongoing supply chain uncertainties, we are retaining our guidance for the full year," Wagner added.
In the first quarter of 2023, the highest revenue growth came from the commercial engines business, where revenue increased by 60% from €278 million to €446 million.
“The series business was mainly driven by higher deliveries of the Geared Turbofan™ and increased business with industrial gas turbines. In the spare parts business, growth was registered across all platforms, especially engine models for long-haul and cargo aircraft,” said chief financial officer Peter Kameritsch.
Revenue in the commercial maintenance business rose by 25% in the first quarter to €1.02 billion (1-3/2022: €819 million). The main revenue drivers here were the PW1100G-JM and the V2500 for the classic A320 family.
The order backlog was €22.74 billion at the end of the quarter, 2% higher than at year-end 2022. The largest proportion of orders on hand was for Geared Turbo-fan engines for the PW1000G family, especially the PW1100G-JM, and the V2500.