(Boursier.com) — Saffron rose by 1% this Monday to 148 euros, while the group announced an increase of 25.9% in organic data in its turnover over 9 months, while for the third quarter alone, the aeronautical equipment manufacturer published a turnover up 20.1% to 5.825 billion euros, 25.9% on an organic basis, in the wake of its Propulsion engine activity and the projects of its Aircraft Interiors division.
Safran, which co-produces with General Electric the LEAP engines used on all Boeing 737 MAXs and part of the Airbus A320neo fleet, has however revised downwards its annual delivery target. It now expects annual growth in LEAP engine deliveries to be in the 40%-45% range, compared to a previous estimate of around 50%. Deliveries so far this year have climbed 45% to 1,174 units…
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The group has nevertheless revised upwards its annual turnover forecast for its services activities, to 30%-32%, against 25%-29%, after an increase of 38% in dollars during the first 9 months of the year…
The group’s management confirmed upon arrival its outlook for the entire 2023 financial year, including a current operating profit target of around 3.1 billion euros.
The decisions come amid continued pressure from supply chains on new deliveries, as device repairs follow a surge in demand for travel…
“Safran maintains a priority of increasing production rates, in an environment marked by capacity constraints in the supply chain,” explained the group’s CEO, Olivier Andries. Among the latest broker opinions, Deutsche Bank remains a buy on Safran and has increased its target from 169 to 176 euros.
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