Safran’s High Level of Leap Engine Shipments Confirms Our Bullish Stance on Maintenance Services
Wide-moat Safran reported mixed results for fiscal 2017 as adjusted revenue was up 7.4% year over year organically (4.7% reported), combined with a margin decline of 20 basis points. Reported revenue growth was in line with our expectations, fueled by strong momentum in aerospace services (notably, the civil aftermarket was up 11.2% in U.S.-dollar terms, driven by CFM56 spares sales and service contrast) and strong growth in defence (up 9% organically, mainly due to increasing military guidance ...
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