MTU Aero Engines AG, a prominent German aircraft engine manufacturer, reported a significant financial turnaround for the third quarter. The company achieved a net income of €211 million, starkly contrasting last year's loss of €568 million.
Earnings per share improved markedly, standing at €3.90, up from a loss of €10.61 in the previous year. On an adjusted basis, net income reached €199 million, or €3.68 per share, compared to €138 million, or €2.56 per share, a year earlier.
The company also saw an increase in its adjusted EBITDA, which rose to €383 million from €264 million in the prior year. Revenue for the quarter grew substantially, reaching €1.90 billion, up from €560 million the previous year. Adjusted revenue totaled €1.86 billion, improving from €1.53 billion.
As of the end of September, MTU's order backlog was valued at €23.4 billion, a slight decrease from €24.4 billion at the end of December 2023.
Looking forward, MTU anticipates revenue for the fiscal year 2024 to fall between €7.3 billion and €7.5 billion. The company expects all segments to drive revenue growth, with the most significant increase predicted in the commercial series segment, forecasting organic revenue growth in the low-to-mid twenty percent range.
The company expects its adjusted EBIT for 2024 to slightly exceed €1 billion, with adjusted net income projected to grow in alignment with adjusted EBIT.
Lars Wagner, CEO of MTU Aero Engines, expressed confidence in the company's strategy, stating, "We capitalize on all market opportunities while addressing challenges with effective solutions. As a result, the first nine months of 2024 have been successful enough that we anticipate achieving our earnings target of €1 billion a year earlier than originally planned."
Originally, MTU had set to achieve the €1 billion target by 2025.
