Safran Revenue Beats Forecasts on Postpandemic Air Traffic Recovery
By Mauro Orru
Safran posted revenue above analysts' expectations for the first quarter, led by growth across all units as the postpandemic recovery in air traffic continues.
The French aerospace-industry supplier on Friday reported adjusted revenue of 6.22 billion euros ($6.67 billion), up 18% in reported terms and 19% organically.
Analysts had forecast adjusted revenue of EUR6.15 billion, according to a market consensus provided by the company.
Adjusted revenue at Safran's propulsion business climbed 14% in reported terms to EUR3.10 billion, while the equipment and defense unit posted a 24% increase to EUR2.44 billion. The aircraft interiors business contributed EUR676 million, up nearly 16% on year.
Safran reports consolidated and adjusted metrics, though analysts and investors tend to follow the group's adjusted figures. The company says these reflect its true performance and offer a better comparison against rivals than reported figures.
For 2024, Safran continues to expect adjusted revenue of roughly EUR27.4 billion, with adjusted recurring operating income close to EUR4 billion and free cash flow of around EUR3 billion.
Write to Mauro Orru at mauro.orru@wsj.com
(END) Dow Jones Newswires
April 26, 2024 01:21 ET (05:21 GMT)
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