Safran shares jump on solid third quarter result, Boeing gets 50 orders – Suppliers Share Wrap
French aerospace group Safran's shares closed 5.5% higher, following the company’s better than expected 3Q2010 result. The company’s revenue rose 8.8% in the quarter, mostly as a result of acquisitions, although its aerospace propulsion business – accounting for more than half of total revenue – saw sales fall 1.1%.
The company reaffirmed its outlook for 2010. CEO, Jean-Paul Herteman, expressed “renewed confidence” in the outlook for 2011 and beyond.
Other engine manufacturers also had a good day on the markets, with MTU Aero Engines rising 2.9% and Pratt & Whitney gaining 1.4%.
Aircraft manufacturers were quiet, with UAC down 0.7%, Boeing and Embraer each gaining 0.2% and EADS rising 1.4%. Boeing announced an order for 50 B737NGs from undisclosed buyers, taking net orders to 472 for the year.
Elsewhere, B/E Aerospace gained 3.7%, recovering some ground lost earlier in the week.
Selected Original Equipment Manufacturers daily share price movements (% change): 21-Oct-2010
Source: Centre for Asia Pacific Aviation & Yahoo! Finance
Selected Aviation Suppliers & Leasing daily share price movements (% change): 21-Oct-2010
Source: Centre for Asia Pacific Aviation & Yahoo! Finance