MTU Aero Engines profits down 1H2013, 2013 earnings expected to be in line with 2012

MTU Aero Engines revenue up 19% - financial highlights for six months ended 30-Jun-2013:

• Revenue: EUR1852 million, +18.8% year-on-year;
• • Commercial and military engine: EUR1177 million, +26.0%;
  • Commercial maintenance: EUR691.1 million, +7.8%;
• EBIT: EUR142.9 million, -14.1%;
• • Commercial and military engine: EUR89.3 million, -22.3%;
  • Commercial maintenance: EUR53.8 million, +3.5%;
• Profit after tax: EUR72.7 million, -36.5%;
• Order book: EUR11,566 million;
• • Commercial and military engine business: EUR5501 million;
  • Commercial maintenance: EUR6064 million;
• Total assets: EUR4318 million;
• Cash and cash equivalents: EUR208 million;
• Total liabilities: EUR3250 million. [more - original PR]

MTU Aero Engines: "For the financial year 2013, the group forecasts adjusted earnings before interest and tax (EBIT adjusted) of approximately EUR375 million and adjusted earnings after tax (EAT adjusted) of approximately EUR235 million. Earnings in 2013 are therefore expected to be at a similar level to the previous year. Revenues from commercial spare part sales have increased by approximately 5 % and hence at a slower rate than forecast at the time of preparation of the Annual Report 2012. In addition, relatively low energy prices are negatively impacting business volumes generated with spare parts and maintenance work for industrial gas turbines." Source: Company statement, 24-Jul-2013.