Safran: H1 adjusted earnings down 63%
(CercleFinance.com) - Safran has published H1 2020 adjusted net income, group share of 501 million euros, down 63% from the 1,353 million euros in H1 2019, as well as an underlying operating margin that is down 4.
8 points at 10.8% of sales.
Sales reached 8,767 million euros, down 27.6%. On an organic basis, sales fell by 29%, in particular with a 33% contraction for propulsion, due to low volumes in OE (civil aircraft) and a decline in service activities.
Assuming a gradual recovery in air traffic, for 2020 Safran forecasts an underlying operating margin of around 10%, with adjusted sales down around 35%, with a similar fall in organic terms.
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