BERLIN (Reuters) - German aircraft engine maker MTU Aero Engines (MTXGn.DE) saw operating profit slip 3% in the first quarter off revenues that were up 13% and said it was too early to issue a new outlook to replace the guidance it withdrew in March due to the coronavirus crisis.
The company said it expected its military engine business, which generated less than a tenth of revenues, to be almost unaffected, but collapsing demand would hit its commercial business in the second and third quarters.
“Given the dynamic global developments in connection with COVID-19, our expectations for the 2020 fiscal year can only be set out in detail at a later date,” said CEO Reiner Winker. “Given its fundamentally successful business model, we consider that overall MTU is in a good position to weather the crisis.”
Reporting by Thomas Escritt; editing by Thomas Seythal