Solid Start Meggitt 1H; Acceleration Expected in 2H as Aircraft Deliveries Drive Aftermarket Sales
Narrow-moat Meggitt reported decent half-year sales of GBP 968 million, up 10% on a reported basis and about flat organically versus the year-ago period. Revenue was in line with our expectations, and 4% military sales growth in the second quarter supports our view that the market share price does not fully reflect the firm’s growth and profitability recovery potential as Meggitt benefits from an improved outlook for defense, a strong upcycle in civil aircraft deliveries, and lower research and ...Meggitt is the parent company of a group whose principal activities are the design and manufacture of components and sub-systems for aerospace, defense and other markets. Co. has five segments: Meggitt Aircraft Braking Systems, a providers of aircraft wheels, brakes and brake control systems; Meggitt Control Systems, which comprised of aircraft fire protection and control systems; Meggitt Polymers and Composites, which comprised of engine and aerodynamic seals, flexible fuel tanks and fuel systems; Meggitt Sensing Systems, a provider sensing and monitoring systems for aircraft; and Meggitt Equipment Group, which include unique heat transfer equipment for hydrocarbon processing.
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