LONDON (dpa-AFX) - Aerospace, defence and energy company Meggitt PLC (MGGT.L) Tuesday reported that its third-quarter trading was stronger than expected with overall organic revenue growth of 11 percent.
In its trading update, the company said the quarterly results were driven by all end market segments and a particularly strong performance in Defence.
In Civil Aerospace, Original Equipment or OE revenues grew 4 percent, driven by good growth in regional and business jets with revenue from large jets slightly ahead of last year. Civil Aftermarket revenues grew 4 percent.
In Defence, revenues grew 20 percent in the third quarter, with strong growth in both OE and the aftermarket.
In Energy, revenues climbed 26 percent driven by a strong performance in Heatric business.
Citing the strong third-quarter revenue performance, the company upgraded guidance for organic revenue growth for the full year to 6 to 7 percent from previously expected 4 percent to 6 percent.
Full-year operating margin is now expected to be towards the lower end of guidance range of 17.7 percent to 18.2 percent.
In Civil Aerospace, the company is maintaining its full year OE revenue guidance of 5 to 7 percent. The company continues to expect full year civil aftermarket organic revenue growth of 3 to 5 percent.
In Defence, Meggitt now expects full year organic revenue growth of 9 to 11 percent, up from previous guidance of 6 to 8 percent.
In Energy, Meggitt continues to expect full year organic revenue growth of 0 to 5 percent.
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