MTU Aero Engines (MTU) has increased revenue by 27% to €5.3 billion in 2022 (2021: €4.2 billion). The operating profit increased by 40% from €468 million to €655 million. The adjusted EBIT margin rose from 11.2% in 2021 to 12.3% in 2022. MTU reported net income developed in line with the operating profit and rose 39% to €476 million in 2022 (2021: €342 million).
MTU expects to report revenue of between €6.1 billion and €6.3 billion in 2023. In November 2022, it forecast that revenue would be between €6.4 billion and €6.6 billion.
“The revised guidance is mainly due to a change in our assumption on the U.S. dollar exchange rate,” explained Lars Wagner, CEO of MTU Aero Engines. MTU’s forecast is now based on a U.S. dollar/euro exchange rate of 1.10 per euro instead of the previous assumption of 1.05.
The highest revenue growth was 32% to €3.6 billion in commercial maintenance (2021: €2.7 billion). Around 70% of the revenue mix was work in MTU’s core MRO business and around 30% comprised maintenance work on the Geared Turbofan™. MTU had expected organic revenue growth of around 20% in the commercial maintenance business. The main revenue drivers in this business were the PW1100G-JM engine for the A320neo and the V2500, which is used in the classic A320.
Revenue in the commercial engine business increased by 25% to €1.3 billion (2021: €1.1 billion). The most important revenue driver was the PW1100G-JM. Within the commercial engine business, organic revenue growth in the spare parts business was in the high teen’s percentage range, while in the series business it was in the teen’s percentage range. The commercial series business was dominated by high deliveries of Geared Turbofan™ engines, stable business with business jet engines and lower deliveries of the GEnx and industrial gas turbines. (£1.00 = €1.13 at time of publications)
