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MTU Aero Engines' Q1 profit rises on Eurofighter orders despite turbofan woes
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MTU Aero Engines' Q1 profit rises on Eurofighter orders despite turbofan woes
Apr 30, 2024 12:46 AM

BERLIN, April 30 (Reuters) - German engine manufacturer

MTU Aero Engines reported higher first-quarter

earnings on Tuesday, boosted by orders from the joint European

Eurofighter jet project while its turbofan engines recall

campaign remained on track.

Adjusted operating profit increased by 3% to 218 million

euros ($233.09 million) and sales grew 8% to 1.67 billion euros

in the first three months of the year, both in line with LSEG's

mean estimate.

The Airbus and Boeing ( BA ) supplier's results

beat expectations even as it continues to suffer from the

consequences of an expensive recall campaign.

Last year, it had to recall up to 3,000 geared turbofan

engines from its partner Pratt & Whitney for an

inspection due to a potentially defective turbine disc, costing

the German firm about 1 billion euros.

MTU's military sales jumped by a fifth, reaching 124 million

euros in the January-March period thanks to increased purchases

of the EJ200 engine for the Eurofighter project.

($1 = 0.9353 euros)

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