Safran - Q1 2024 Results Show Robust Growth Across Key Metrics

Safran has reported strong financial results for the first half of 2024. Revenue reached €13,047 million, an increase of 19% compared to the same period in 2023. Recurring operating income saw a significant rise of 41%, amounting to €1,974 million, which represents 15.1% of sales. The company's free cash flow stood at €1,463 million.

CEO Olivier Andriès attributed the strong performance to a rise in aftermarket activities and operational improvements in aircraft interiors. He expressed confidence in meeting the company's 2024 financial goals despite some cash flow pressures related to advance payments.

Major growth was seen in the Equipment & Defense and Aircraft Interiors divisions, which rose by 23.1% and 26.6% respectively. Propulsion division revenue also climbed by 14%. Total research and development expenses before tax credits increased by 12%, amounting to €646 million.

Net income for the half-year was reported at €1,432 million, a 37% increase from H1 2023. The company confirmed its full-year 2024 outlook, expecting revenue to reach around €27.4 billion and free cash flow to be approximately €3.0 billion.