BERLIN (dpa-AFX) - German aircraft engine manufacturer MTU Aero Engines AG (MTUAY.PK) reported Thursday that its fourth-quarter net income plunged to 6 million euros from last year's 134 million euros.
Earnings per share were 0.05 euro, down from 2.47 euros a year ago.
Adjusted net income was 75 million euros, compared to 146 million euros a year ago. Adjusted EBIT was 105 million euros, down from 199 million euros a year ago. Adjusted EBIT margin fell to 10.3 percent from prior year's 16.3 percent.
Revenue for the quarter fell to 1.02 billion euros from 1.23 billion euros in the previous year.
The order backlog at MTU was 18.6 billion euros at year-end, compared with 19.8 billion euros in the previous year.
Further, the company's Board would recommend to propose a resolution to the Annual General Meeting to pay a dividend of 1.25 euros per share. Due to the coronavirus pandemic, the dividend paid for 2019 was the statutory minimum of 0.04 euro.
Looking ahead for fiscal 2021, MTU expects revenue to be between 4.2 billion euros and 4.6 billion euros. The adjusted EBIT margin should be between 9.5 and 10.5 percent. Adjusted net income is expected to develop in line with adjusted EBIT.
In fiscal 2020, revenues were 3.98 billion euros, and adjusted EBIT margin was 10.5 percent.
The company said the commercial maintenance business is expected to recover most clearly from the effects of the coronavirus crisis, with revenue growth of around 15 to 25 percent.
Copyright RTT News/dpa-AFX