Profit fell for German aircraft engine manufacturer MTU Aero Engines AG in the first quarter compared to the same period of the previous year.
MTU Aero Engines reported net income of €126 million ($135 million) in the first quarter of 2024, down from €134 million in the prior year.
Earnings per basic share was €2.35 down from €2.47 in the previous year.
Adjusted net income was €158 million compared to €157 million in the previous year.
Adjusted revenue was €1.67 billion in the first quarter of 2024, an increase of 8% from the first quarter of 2023.
MTU confirmed its guidance for fiscal year 2024.
The company aims to report revenue of between €7.3 billion and €7.5 billion in 2024.
All business areas should contribute to the revenue growth. MTU predicts that the adjusted earnings before interest and taxes (EBIT) margin will be over 12% in 2024.
Adjusted net income is expected to grow in line with adjusted EBIT. The company confirmed the guidance for 2025.
The company said its target remains its simple formula 8-1-25. It wants to generate revenue of €8 billion and an operating profit of €1 billion in 2025.
