Wide-Moat Safran Reports Good 2018 Results; Maintaining FVE
Wide-moat Safran reported full-year sales of EUR 21 billion, up 32% on a reported basis and 10% on organic terms. The nonorganic growth add-on was the Zodiac acquisition at 24%, which was partially offset by currency headwinds, the result of U.S. dollar weakness against the euro. Similar to the revenue line, operating income of EUR 3 billion was slightly above consensus expectations. Compared with last year, the recurring operating margin expansion of 70 basis points was mainly driven by improve...Safran designs, develops and manufactures high technology electronics through three businesses: Aerospace, Defense and Security. Aerospace includes Aerospace Propulsion (propulsion systems for commercial aircraft, military transport, training and combat aircraft, rocket engines, civil and military helicopters) and Aircraft Equipment (mechanical, hydromechanical and electromechanical equipment); Defense (optronic, avionic and electronic systems); and Security (biometric technologies for fingerprint, iris and face recognition, identity management products, access management and transaction security, including tomographic systems for detection of dangerous or illicit substances in baggage).
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