Safran Reports 17% Revenue Increase in First Quarter
PARIS (Reuters) -French jet engine maker Safran on Friday reported a stronger-than-expected rise in first-quarter revenues and said it was confident of hitting full-year targets, excluding any tariff impact.
Safran, which also makes landing gear, brakes and cabin interiors, said revenues rose 16.7% to 7.257 billion euros ($8.2 billion), led by its propulsion unit rising 19% and featuring stronger growth in all units compared to market forecasts. On a like-for-like basis, revenues rose 13.9%.
Analysts were on average expecting revenues of 7.049 billion euros, according to a consensus compiled by the company.
Safran said it is studying ways to soften the impact of tariffs but that it was premature to quantify it. Core civil and defence businesses continue to show "robust momentum," CEO Olivier Andries said in a statement.
Safran co-produces LEAP jet engines for narrow-body Boeing and Airbus jetliners with GE Aerospace through their CFM International venture, the world's largest engine maker by units sold.
Deliveries of the engines have been hit by supply chain problems.
Safran confirmed a forecast of LEAP deliveries up 15% to 20% this year, following a 13% drop in the first quarter.
($1 = 0.8825 euros)
(Reporting by Tim Hepher; Editing by Christian Schmollinger and Mrigank Dhaniwala)
