[ad_1]
Jet engine maker Safran raised profit and cashflow forecasts on Thursday after core income jumped in the first half, led by demand for spares and services as airlines boost flights to meet a recovery in travel demand.
Recurring operating income rose 33% to 1.397 billion euros ($1.55 billion) and revenues rose 26% to 10.945 billion on a like-for-like basis in the first six months, the French aerospace supplier said. Safran generated almost 1.5 billion euros of free cashflow.
The Paris-based group said it was now targeting full-year recurring operating income of 3.1 billion euros versus 3.0 billion previously, and 2.7 billion euros in free cashflow compared with a previous target of 2.5 billion.
The airline will operate more than 32,400 flights, reflecting a 4% increase. These measures aim to meet high demand during peak seasons and ensure smooth operations, efficient reservations for scheduled and seasonal destinations, and streamlined processes at airports. For international flights, Saudia is providing more than 4.2 million seats, achieving a 16% increase.
Safran also said it was launching a 1-billion-euro share buyback to be completed by the end of 2025. Its widely watched civil aftermarket revenues rose 36.5% in dollar terms, driven by strong parts sales for the CFM56, the previous generation of narrow-body jet engines that Safran co-produces with GE through their joint venture CFM.
Deliveries of the current-generation LEAP engines, used on all Boeing 737 MAX jets and about half of Airbus‘s A320neo fleet, rose 69% to 785 units.
GE earlier this week raised its full-year profit outlook on robust demand for jet engine spare parts and services from airlines looking to cash in on surging air travel.
[ad_2]
Source link
