CFM56 deliveries surge lifts Safran

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Safran's aerospace propulsion revenue jumped 11% to nearly €1.82 billion ($2.5 billion) in the third quarter, in line with a 12% rise in deliveries of CFM56 narrowbody engines by its CFM International joint venture with GE.

The gain was fuelled by increasing assembly rates of narrowbody aircraft, plus higher volume and a favourable mix in high-thrust engine modules.

Within the propulsion segment, civil aftermarket sales climbed 45% compared with a soft period last year, driven by work on recent CFM56 and GE90 engines, partly offset by decreasing maintenance on mature CFM56s.

Boeing 787 landing and wiring systems and Airbus A320 and A330 landing and wiring systems and thrust reversers helped lift aircraft equipment segment revenue for the quarter 16%, to €990 million. Also, compared with the third quarter 2012, Safran made an extra eight A380 nacelle shipments, bringing year-to-date shipments to 72 units, level with the whole of 2012.

For the nine months to end-September, propulsion segment revenue was up 14% at €5.59 billion, and equipment revenue was up 11.9% at €2.95 billion.

Total revenue, including defence and security businesses, was up 10% across the nine months, at €10.5 million.

Chief executive Jean-Paul Hertemann has confirmed full-year guidance: revenue to grow in the mid-to-high single digits, and operating income to improve 20%, compared with the €13.56 billion and €1.27 billion achieved in 2012.