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AIR - Airbus SE News Story

€98.37 1.6  1.7%

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Sector
Industrials
Size
Large Cap
Market Cap £66.04bn
Enterprise Value £68.35bn
Revenue £43.22bn
Position in Universe 14th / 848

France's Safran sees gradual recovery after crisis-hit 2020

Thu 25th February, 2021 6:00am
PARIS, Feb 25 (Reuters) - France's Safran  SAF.PA  predicted
a gradual recovery from  the aviation industry's worst crisis,
after seeing demand for its jet engines and services drop
sharply last year.
    The world's third largest aerospace contractor said its 2020
recurring operating income fell 56% to 1.686 billion euros 
($2.1 billion) as revenues fell 33% to 16.498 billion.
    Operating margin dropped 530 basis points to 10.2%.
    For 2021, Safran expected this key profitability gauge to
recover by more than 100 basis points, with the recovery to be
felt mainly in the latter part of the year.
    It predicted 2021 revenues would decrease in the low single
digits in percentage terms, and on a like-for-like basis.
    Safran co-produces jet engines with General Electric  GE.N 
for Boeing  BA.N  and Airbus  AIR.PA  medium-haul jets.
    The company's widely watched civil aftermarket revenue fell
43% in dollar terms in 2020 as travel bans and lockdowns hit
airline traffic during the COVID-19 pandemic.
    Safran said it had cut its workforce by 17% or 21% including
cuts in temporary staff in 2020, while slashing research and
development spending by 35%.
    ($1 = 0.8211 euros)

 (Reporting by Tim Hepher;
Editing by Sudip Kar-Gupta)
 ((tim.hepher@thomsonreuters.com; +33 1 49 49 54 52; Reuters
Messaging: tim.hepher.thomsonreuters@reuters.net))
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