Company News

MTU Aero ups 2017 profit goal on strong spare parts business

BERLIN, Oct 26 (Reuters) - German aircraft engine maker MTU Aero Engines increased its profit target for the year thanks to higher spare parts revenues, after reporting better than expected third-quarter results.

The company, whose customers include Airbus, Boeing and Bombardier, reported adjusted earnings before interest and tax of 129.8 million euros ($153.5 million), against a forecast for 124 million in a Reuters poll.

It said it now expected adjusted EBIT of 600 million euros for the year, against a previous forecast of 560 million.

It altered its sales target due to exchange rate changes and now predicts revenues of around 5.1 billion euros instead of 5.3 billion.

$1 = 0.8455 euros Reporting by Victoria Bryan; Editing by Maria Sheahan