MTU Aero Engines, GKN Aerospace post strong gains – Supplier Share Wrap
Shares in German engine manufacturer MTU Aero Engines gained 2.9% in trading on Friday, while UK aerospace and automotive parts supplier GKN Aerospace gained 2.0%. GKN reported a 21% increase in revenue for the three months to 30-Sep-2010, while operating profit increased 92% to GBP100 million. The company reaffirmed its positive outlook for the final quarter of 2010 and forecast an improving 2011, as aerospace markets continue to return.
- MTU Aero Engines and GKN Aerospace experienced gains in their shares, with MTU gaining 2.9% and GKN gaining 2.0%.
- GKN Aerospace reported a 21% increase in revenue and a 92% increase in operating profit for the three months ending September 2010.
- Goodrich, Meggitt, and Honeywell also saw gains in their shares, with increases of 1.5%, 1.4%, and 1.3% respectively.
- Flight Centre shares declined by 1.8% due to increased competition in the youth travel market.
- Flight Centre recently acquired 80% of a social networking site targeting school-leavers and university students on gap travels.
- GKN Aerospace reaffirmed a positive outlook for the final quarter of 2010 and predicted improvement in 2011 as aerospace markets recover.
Other major movers were Goodrich, up 1.5%, Meggitt, up 1.4% and Honeywell, which gained 1.3%.
Selected Original Equipment Manufacturers daily share price movements (% change): 22-Oct-2010
Source: Centre for Asia Pacific Aviation & Yahoo! Finance
Flight Centre shares lost 1.8% in trading. The company recently announced the purchase of 80% of a social networking site aimed at school-leavers and university students on one-year gap travels. The company is hoping to redress competition in the youth travel market.
Selected Aviation Suppliers & Leasing daily share price movements (% change): 22-Oct-2010
Source: Centre for Asia Pacific Aviation & Yahoo! Finance