Safran Backs 2021 View After 1Q Revenue Drop
April 30 2021 - 1:40AM
Dow Jones News
By Olivia Bugault
Safran SA confirmed its guidance for the year Friday after
posting a drop in revenue for its first quarter.
The French aerospace-and-defense company reported adjusted net
revenue of 3.34 billion euros ($4.05 billion), down 38% from
EUR5.38 billion a year earlier. Organically, adjusted revenue fell
35%, it said.
The company's aircraft interiors segment--the hardest hit by the
coronavirus pandemic--suffered the biggest decline, with revenue
down 52% organically. At its aerospace propulsion division,
Safran's largest business by revenue, adjusted revenue fell 34%
organically, it said.
"The weakness in 1Q sales reflects, beyond comparison basis, the
traffic deterioration in January and February while March showed
signs of improvement," Safran Chief Executive Olivier Andries
said.
In the U.S. and China, air traffic has started to recover since
March, the company said.
Safran confirmed its outlook for 2021, which includes an organic
decrease in adjusted revenue in the low single digits.
Write to Olivia Bugault at olivia.bugault@wsj.com
(END) Dow Jones Newswires
April 30, 2021 01:25 ET (05:25 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Safran (EU:SAF)
Historical Stock Chart
From Aug 2024 to Sep 2024
Safran (EU:SAF)
Historical Stock Chart
From Sep 2023 to Sep 2024