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Safran Q1 Adj. Revenue Down 37.9% - Quick Facts

French Aerospace company Safran (SAF.PA,0IU8.L,SAFRF.PK) reported that its adjusted revenue for the first-quarter was 3.34 billion euros, a decrease of 37.9% from last year. Organic revenue was down 34.6% across all divisions.

CEO Olivier Andriès said, "The weakness in Q1 sales reflects, beyond comparison basis, the traffic deterioration in January and February while March showed signs of improvement."

In Aerospace Propulsion segment, quarterly revenue was 1.56 billion euros, down 37.5% from the prior year. On an organic basis, revenue decreased by 34.2%.

In Aircraft Equipment, Defense and Aerosystems segment, quarterly adjusted revenue was 1.46 billion euros, down 33.1% from the previous year. On an organic basis, revenue was down 29.4%.

In Aircraft Interiors segment, adjusted revenue for the quarter was 313 million euros, down 54.9% from the prior year. On an organic basis, revenue decreased by 51.9%.

Safran confirmed its full-year 2021 outlook and its underlying assumptions in the context of uncertainty over the timing of air traffic recovery entailing a risk of delayed recovery of civil aftermarket.

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