MTU Aero Engines' revenues in commercial engine business dipped in first quarter of 2016

In the first quarter of 2016, MTU Aero Engines AG generated revenues of €1,097.9m (1-3/15: €1,099.5m). The group’s operating profit was up 34% to €131.3 million (1-3/15: €97.7m). The EBIT margin was 12.0%, or 3.1 percentage points higher than for the same period in the previous year. Earnings after tax increased in line with operating profit by 34% to €91.5m (1-3/15: €68.2m). In the commercial maintenance business, revenues increased by 12% to €428.8m (1-3/15: €383.9m). The key driver of these revenues was the V2500 engine that powers the Airbus A320 family. In the military engine business, revenues grew by 37% to €124.5 million (1-3/15: €91.2m). The EJ200 Eurofighter engine was the main contributor to these revenues. Revenues in the commercial engine business decreased by 13% to €556.0m (1-3/15: €635.5m). Apart from currency translation effects on the valuation of receivables, which were opposing in the respective quarters, these figures also reflect the postponement of PW1100G-JM deliveries for the A320neo. The V2500 for the Airbus A320 family, the GP7000 engine for the A380 and the GEnx for the Boeing 787 and 747-8 accounted for the greater part of the revenues in the commercial engine business. At the end of March 2016, MTU’s order backlog stood at €11,879.8m (1-3/15: €12,493.7m). The majority of these orders are for the V2500 and the geared turbofan programs of the PW1000G family, especially the PW1100G-JM for the Airbus A320neo.