Safran reports strong revenue growth in third quarter 2015

Safran reported that third-quarter 2015 adjusted revenue was €4,141m, up 15.4% year-on-year at an average EUR/USD rate in Q3 2015 of 1.11. On an organic basis, growth was 4.6%, driven notably by an increase of civil aftermarket revenue (up 18.5% in USD). The full-year 2015 outlook is confirmed for adjusted revenue growth, adjusted recurring operating income growth and free cash flow conversion rate, subject to usual uncertainties on the amount of advance payments and the rhythm of payments by state-clients in the fourth quarter. In the third quarter 2015, Aerospace Propulsion recorded revenue of €2,220m, an increase of 14.2% compared to revenue in the year-ago period of €1,944m. On an organic basis, revenue was up 5.7%. The Aircraft Equipment segment reported third-quarter 2015 revenue of €1,180m, up 15.6%, or slightly down (-0.8%) on an organic basis, compared to €1,021m in the year-ago period. Service revenue grew by 24.1%, including the effect of the stronger USD, and accounts for 30.5% of sales.