MTU Aero Engines has published its figures for the first quarter of 2021: Revenue was €989 million, compared with €1,273 million in the first quarter of 2020. The operating profit decreased from €182 million to €86 million. The adjusted EBIT margin was 8.7% (1-3/2020: 14.3%). Adjusted net income was €58 million, compared with €128 million in the prior-year period.
“In the year-on-year comparison, it should be noted that the first three months of 2020 were a very strong quarter and the coronavirus pandemic had not yet affected our business figures,” said Reiner Winkler, CEO of MTU Aero Engines AG. “We are still operating profitably, even in the most severe crisis in our sector, and are confident that we will achieve the targets we have set for the full year.” MTU is therefore confirming its forecast for 2021.
There was a sharp drop in revenue in the first quarter of 2021, especially in the commercial engines business, where revenue fell by 37% to €250 million (1-3/2020: €399 million). “In this crisis, the airlines are focusing mainly on modern narrowbody aircraft,” said Winkler. “In view of this, it is not surprising that in the first quarter revenue in the commercial engine business was driven mainly by the PW1100G-JM engine for the A320neo.”
Revenue from the commercial maintenance business declined by 15% in the first quarter – from €795 million to €678 million. “The drop in revenue in our core business was partially offset by rising maintenance work on Geared Turbofan™ engines,” said Winkler. The most important revenue generators in the commercial maintenance business were the PW1100G-JM and the V2500 for the classic A320 aircraft-family.
Revenue from the military engine business contracted by 11% to €87 million in the first quarter (1-3/2020: €98 million). “The figures reflect the typical shifts within the quarters. The military business has not been affected by the coronavirus crisis,” said Winkler. The main source of revenue in the military engine business was the EJ200 engine for the Eurofighter. (€1.00 = US1.20 at time of publication.)