MTU Aero maintains 2014 profit target as Q1 meets forecasts
FRANKFURT, April 29
FRANKFURT, April 29 (Reuters) - German aircraft engine maker MTU Aero Engines said it still expected profits to be stable in 2014 as it invests in new engines to meet a boom in orders for fuel-efficient passenger jets.
The company, which supplies planemakers Airbus and Boeing, on Tuesday reported first quarter adjusted earnings before interest and tax (EBIT) of 89 million euros ($123 million) on sales of 913 million, in line with expectations for 88.3 million and 918 million in a Reuters poll.
MTU maintained a forecast for 2014 revenues of 3.75 billion euros and profit matching 2013's level of 373 million.
MTU has previously said it will provide an update later in the year on its targets for 2020, which it is changing due to new accounting rules.
($1 = 0.7223 Euros) (Reporting by Victoria Bryan, editing by Edward Taylor)