Safran on course for steady 2009 despite CFM order drop-off

London
Source:
This story is sourced from Pro
See more Pro news »

French aerospace manufacturer Safran has recorded a marginal increase in sales for the first nine months of 2009, despite reverses on the civil side of its business.

Revenue over the first three quarters totalled €7.5 billion ($11.2 billion), up from €7.4 billion for the same period in 2008.

Sales declined in Safran's two biggest markets, aircraft propulsion and equipment. However, this was more than offset by rising revenues in the defence and security markets.

Orders of CFM56 engines, which Safran manufactures in partnership with GE, fell to 918 units in the first nine months, from 1,013 in the same period of 2008. However, Safran insists that the CFM56 order performance "remained satisfactory by historical standards".

The group expects 2009's full-year revenue to match that achieved in 2008, with operating margin coming in at 6% of revenue.

"Safran recorded a solid performance for the first nine months of 2009 against the backdrop of a weak civil aerospace environment, which demonstrates the resilience of the group's business model," says Safran chief Jean-Paul Herteman in a statement.