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CAPITAL GOODS: MTU Aero Engines (MTXGR Baa3[P]/NR/BBB): Raises Guidance

CAPITAL GOODS
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Aerospace continues to show good momentum. Small positive and bodes well for Rolls-Royce.

  • MTU raises FY24 EBIT guidance to slightly over €1bn, a ~4% upgrade from midpoint.
  • Revenue and FCF guidance are unchanged.
  • Preliminary revenues are in 4% ahead of consensus.
  • Adj. EBIT is 18% ahead. YTD margin is 14%, implying a 3Q improvement well ahead of 12.8% expected.
  • Full 3Q results are due 24/10.
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Aerospace continues to show good momentum. Small positive and bodes well for Rolls-Royce.

  • MTU raises FY24 EBIT guidance to slightly over €1bn, a ~4% upgrade from midpoint.
  • Revenue and FCF guidance are unchanged.
  • Preliminary revenues are in 4% ahead of consensus.
  • Adj. EBIT is 18% ahead. YTD margin is 14%, implying a 3Q improvement well ahead of 12.8% expected.
  • Full 3Q results are due 24/10.