Safran Reports Strong Q1 2024 Financial Results

Safran, a leading aerospace and defense group, demonstrated robust financial performance in the first quarter of 2024, achieving a significant 18.1% increase in revenue to €6,220 million. This growth is primarily organic, rising by 19.1% year-over-year. The adjustments for currency impacts reflect a modest negative translation impact due to a slightly stronger Euro against the Dollar.

Underpinning the strong revenue growth, the Propulsion segment reported a 15.4% increase, driven by heightened activity in civil aftermarket operations and consistent deliveries of LEAP engines, despite the ongoing soft start in aircraft production. Equipment & Defense also saw substantial growth of 22.7%, with increased sales across all activities, including landing gears and avionics for various large aircraft programs.

Aircraft Interiors experienced a 23.8% rise in revenue but remains below the levels seen in 2019. The sector was mainly boosted by services, particularly in the Seats category. Despite a decline in business class seat deliveries, overall performance in the quarter remained strong.

Safran's adjusted outlook for 2024 remains positive, projecting revenues of around €27.4 billion and a recurring operating income close to €4.0 billion. This forecast hinges on key deliveries and aftermarket service growth, combined with prudent financial management including currency hedging.