February 20, 2019 / 7:52 AM / 9 months ago

German aircraft engine maker MTU exceeds 2018 targets with record sales

FRANKFURT (Reuters) - Germany’s MTU Aero Engines said on Wednesday it beat targets last year with record sales and net profit of 479 million euros ($543 million), up 18 percent on 2017.

“MTU Aero Engines continued to drive profitable growth in 2018,” its chief executive Reiner Winkler said. “By not only achieving our target figures, but even slightly surpassing them, we reliably met our commitments to the capital market.”

The company had raised its forecasts twice last year.

Sales rose by 17 percent to 4.57 billion euros and adjusted operating profit also increased 17 percent to 671 million euros.

Looking ahead into 2019, MTU expects sales of 4.7 billion euros and an adjusted EBIT (earnings before interest and taxation) margin of 15.5 percent from 14.7 percent last year.

The aircraft engine maker’s proposed dividend of 2.85 euros per share for 2018 is up from 2.30 euros.

Reporting by Vera Eckert; Editing by Alexander Smith

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