Admin I Friday, Oct.27, 2023
FRANKFURT -German aircraft engine manufacturer MTU Aero Engines reported a noteworthy shift in its financial performance during the nine-month period, with a loss of €410 million ($433 million) in earnings before interest and taxes (EBIT).
This stark contrasted with the €331 million in earnings achieved during the same period the previous year.
The primary reason for this downturn was the impact of exceptional charges amounting to approximately €1 billion related to the Geared Turbofan inspection program.
However, when these one-time charges are excluded, the company recorded adjusted EBIT of €597 million, signifying an increase from the prior year’s €448 million.
In terms of net income, MTU Aero Engines posted a net loss of €312 million or 5.86 cents per share for the period, in stark contrast to the net profit of €212 million or 3.97 cents per share in the preceding year.
Nevertheless, adjusted net income for the period reached €438 million by the end of September, indicating a substantial 37% increase from the previous year.
Total revenue for the nine-month period saw a decline to €3.653 billion from €3.818 billion in the previous year. Conversely, adjusted revenue demonstrated growth, reaching €4.610 billion compared to the previous year’s €3.818 billion.
