By Olivia Bugault 

Safran said Thursday that adjusted revenue for the year should decrease by roughly a third after adjusted profit more than halved in the first six months of the year.

The French aerospace-and-defense company said adjusted net profit for the period fell to 501 million euros ($590.8 million) from EUR1.35 billion a year earlier. Not adjusted to currency hedging and other items, Safran booked a net loss of EUR340 million, the company said.

Adjusted revenue fell by 29% organically to EUR8.77 billion, it said.

Safran generated a free cash flow of EUR901 million during its first half.

The company set new guidance for the year, assuming a gradual recovery in air traffic and despite considerable uncertainties. It now expects adjusted revenue to decrease by roughly 35%, while recurring operating margin could come around 10% of sales. Safran expects a positive free cash flow in its second quarter.

Safran is targeting the delivery of roughly 800 LEAP engines in 2020.


Write to Olivia Bugault at


(END) Dow Jones Newswires

July 30, 2020 01:28 ET (05:28 GMT)

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