Safran Sees Adjusted Revenue Falling by a Third in 2020 After 1st Half Coronavirus Hit
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
Safran generated a free cash flow of EUR901 million during its
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
Write to Olivia Bugault at firstname.lastname@example.org
(END) Dow Jones Newswires
July 30, 2020 01:28 ET (05:28 GMT)
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