WASHINGTON (dpa-AFX) - Safran SA (SAFRF.PK, SAF.PA), a French aircraft equipment manufacturer, reported Tuesday sharply lower net profit in its first half, while Recurring operating income climbed on higher revenues. Further, the company raised fiscal 2026 outlook.
In the first half, Consolidated net income (Group share) was €1.750 billion, compared with €5.045 billion last year. Consolidated earnings per share plunged to €4.21 from €12.07 a year earlier.
The latest quarter results included tax surcharge in France of €322 million, as well as changes in the fair value of instruments hedging future cash flows, amounting to €22 million, compared to €4.808 billion before tax last year.
Adjusted net income (Group share) was €1.924 billion or €4.63 per share, compared with €1.587 billion or €3.80 per share a year ago.
Adjusted recurring operating income grew 29 percent year-over-year to €3.237 billion.
Consolidated revenue was €17.245 billion, a growth of 16 percent from €14.865 billion a year ago. Adjusted revenue grew 19 percent to €17.571 billion from €14.769 million a year ago.
The company attributed the increase in revenue and recurring operating income to growth in OE sales across the board, as well as aftermarket activities, particularly for civil engines as explained in the above analysis.
Looking ahead for fiscal 2026, Safran now expects recurring operating income of €6.4 billion to €6.5 billion, higher than previous estimate of €6.1 billion to €6.2 billion.
Revenue growth is now projected at up mid-teens, compared to previous view of low to mid-teens.
Free Cash Flow is now expected to be €4.7 billion to €4.9 billion, up from previous view of €4.4 billion to €4.6 billion.
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