France's Safran posted a faster-than-expected rise in 2019 core profit led ...
Safran, which is the world’s second-largest aerospace supplier, said operating profit rose 24.6% on a like-for-like basis to 3.82 billion euros while revenues rose by an underlying 9.3% to 24.64 billion.
Analysts on average expected 2019 operating income of 3.75 billion euros on revenues of 24.484 billion, according to Refinitv data. The Boeing 737 MAX crisis dominated a mixed outlook for 2020, with Safran predicting a fall of up to 5% in revenues even as operating income grows around 5%. Safran also said its medium term objectives would be reviewed after the MAX returns to service, which it expects in the middle of the year.
Safran co-produces LEAP engines for the MAX and some Airbus jets with General Electric through CFM International. It assumed CFM would produce 1,400 LEAP engines in 2020, down from a roughly comparable 1,736 deliveries in 2019.
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