MTU's first quarter net earnings up 21%

MTU Aero Engines AG saw its revenues increase by 15% to €1,261.3m in the first quarter of 2017 (1-3/2016: €1,097.9m). The group’s operating profit improved by 20% from €131.3m to €157.0m, pushing the EBIT margin up from 12.0% to 12.4%. Earnings after tax rose in line with operating profit, increasing by 21% to €111.0m (1-3/2016:€91.5m). The increase in MTU’s first-quarter revenues is primarily due to strong growth in the commercial maintenance business, where revenues increased by 37% to €588.4m (1-3/2016: €428.8m). Revenues in the commercial engine business increased by 10%, from €556.0m to €611.4m. The V2500, the GEnx for the Boeing 787 and 747-8, and the PW1100G-JM for the A320neo generated the greatest share of revenues in this business unit. Revenues in the military engine business dropped by 33% from €124.5m to €82.9m. The EJ200 Eurofighter engine was the main source of these revenues. MTU’s order backlog reached its highest-ever level of €14,344.9m at the end of March 2017 (Dec. 31, 2016: €14,172.2m). The majority of these orders relate to the V2500 and to the geared turbofan engines of the PW1000G family, foremost among them the PW1100G-JM for the A320neo.