Safran's Q1 2023 revenue increased by 29.4% to €5.2bn compared to Q1 2022, with growth mainly fuelled by propulsion and aircraft interiors activities, the manufacturer said,
Propulsion increased by 34.9% driven by a strong civil aftermarket activity, up +38.1% in dollar terms and supported by a high level of spare parts sales for CFM56 and higher than expected revenue from LEAP RPFH2 contracts.
High thrust engines spare parts sales displayed a decent growth during the quarter, Safran said. In Q1 2023, LEAP deliveries stepped up by 53%, reaching 366 units compared with 239 in Q1 2022, a sequential increase of 13% from 324 units in Q4 2022 and are in line with the full year target.
Military engine activities were up mainly due to higher M88 deliveries. Helicopter turbine activities increased slightly both for OE and services.
However, Safran said OE sales were constrained by industry-wide supply chain difficulties and by downwards revised demand. Aftermarket activities have been particularly strong for carbon brakes, nacelles and aerosystems activities.
Aircraft Interiors revenue increased by 37.7% driven by spare parts deliveries both for Seats and Cabin, but business class seats deliveries were down to 324 in Q1 2023.