financetom
Business
financetom
/
Business
/
UK's Rolls-Royce confident on profit growth despite supply chain woes
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
UK's Rolls-Royce confident on profit growth despite supply chain woes
Nov 9, 2024 11:52 AM

LONDON (Reuters) -Britain's Rolls-Royce stuck to guidance for annual profit growth of at least 30% this year as its airline customers flew more and demand for power for data systems and defence equipment continued to grow.

That strength offset problems in the aerospace supply chain which has caused delays for parts, and which the company warned in August would cost 150 million pounds ($194 million) to 200 million pounds this year.

"Continued good performance year to date gives us further confidence in the delivery of our 2024 guidance despite a supply chain environment which remains challenging," Chief Executive Tufan Erginbilgic said on Thursday.

Rolls-Royce, Airbus's exclusive engine partner on its widebody planes and a supplier to Boeing's 787, is forecasting underlying operating profit of between 2.1 billion pounds and 2.3 billion pounds for this year.

The company, which also powers ships and submarines and makes power generation systems, in August upgraded its outlook and reintroduced the dividend which had been axed during the pandemic when a halt to air travel left it fighting for its survival.

Shares in Rolls-Royce have surged 487% since Erginbilgic took over as its chief executive in January 2023.

($1 = 0.7729 pounds)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Dollar eases, yen finds floor from Tokyo's jawboning
Dollar eases, yen finds floor from Tokyo's jawboning
Mar 25, 2024
SINGAPORE (Reuters) -The dollar was on the back foot on Tuesday, owing to profit taking and pressured in part by a slightly stronger yen as Japanese government officials continued their jawboning to defend the currency. Against the greenback, the New Zealand dollar rebounded from a four-month low and last rose 0.13% to $0.6011, and likewise for sterling which firmed 0.1%...
Gazprom's unit buys former Shell stake in Sakhalin Energy for $1 bln
Gazprom's unit buys former Shell stake in Sakhalin Energy for $1 bln
Mar 26, 2024
MOSCOW, March 26 (Reuters) - Kremlin-controlled energy giant Gazprom has acquired a 27.5% stake, formerly owned by Shell, in Russian liquefied natural gas (LNG) producer Sakhalin Energy for around $1 billion, according to a government order. The government also officially nullified its order a year ago on selling the stake to Gazprom's rival, Novatek, without explanation. The Russian government said...
India's GAIL to commission its first green hydrogen project in April, sources say
India's GAIL to commission its first green hydrogen project in April, sources say
Mar 26, 2024
NEW DELHI, March 26 (Reuters) - State-run natural gas company GAIL (India) Ltd plans to commission its first green hydrogen project in central India in April, three company sources said. The 10-megawatt proton exchange membrane electrolyser for the green-hydrogen producing unit at the Vijaipur complex in Madhya Pradesh state has been imported from Canada, they added. Once the initial hiccups...
Wipro GE Healthcare to invest $960 mln in R&D, manufacturing in India
Wipro GE Healthcare to invest $960 mln in R&D, manufacturing in India
Mar 26, 2024
HYDERABAD, March 26 (Reuters) - Wipro GE Healthcare, a joint venture of India's Wipro Enterprises and a wholly owned entity of U.S.-based GE Healthcare ( GEHC ), said it would invest 80 billion rupees ($960 million) in the country in its manufacturing and research and development facilities. Bengaluru-based medical technology company Wipro GE Healthcare said on Tuesday the investment would...
Copyright 2023-2026 - www.financetom.com All Rights Reserved