Rolls-Royce’s First-Half Profit Surged Due to Increasing Civil Aviation Services and Cost Savings
Narrow-moat Rolls-Royce reported good first-half revenue of GBP 7.6 billion, up 12% year over year on a reported basis and up 6% on an organic basis, with the underlying operating margin expanding 220 basis points year on year. In our note at the end of June, we highlighted our more positive stance on deliveries of large engines in 2017 and beyond, resulting in increased demand for high-margin civil aviation aftermarket services. The growth of the civil aerospace order book at the end of Decembe...
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