BERLIN (dpa-AFX) - German aircraft engine manufacturer MTU Aero Engines AG (MTUAY.PK) reported Thursday that its first-quarter net income declined 11.6 percent to 111.8 million euros from last year's 126.5 million euros.
Earnings per share were 2.10 euros, down 13.2 percent from 2.42 euros a year ago.
Adjusted net income was 128 million euros, compared to 133.5 million euros last year.
Adjusted operating profit or EBIT declined 3 percent to 181.8 million euros from 187.6 million euros last year due to the revenue mix. The adjusted EBIT margin was 14.3 percent, down from prior year's 16.6 percent.
In the first quarter of 2020, MTU Aero Engines generated revenue of 1.27 billion euros, up 13 percent from the prior year's 1.13 billion euros.
MTU's order backlog at the end of the first quarter was 19.4 billion euros, compared to 19.8 billion euros as of December 31, 2019.
Looking ahead, the company, which withdrew fiscal 2020 forecast last month due to Covid-19, said there are no new forecast for 2020.
The company expects the coronavirus crisis will have a negative impact on demand and earnings from the second quarter.
The military business should hardly be affected but in the commercial business there is likely to be a significant reduction in demand for both series production and aftermarket business.
Reiner Winkler, CEO, said, 'Given the dynamic global developments in connection with COVID-19, our expectations for the 2020 fiscal year can only be set out in detail at a later date.'
Copyright RTT News/dpa-AFX
© 2020 AFX News
