logo
  

Meggitt Q3 Group Revenue Rises 5%

Meggitt plc (MGGT.L) reported a 5% growth in its third-quarter group revenue, largely reflecting the trends seen across its end markets.

Civil aerospace revenue grew by 29% in the period, with Civil OE up 10% and strong aftermarket growth of 44%. Sequentially, Civil OE and Civil aftermarket revenue rose by 4% and 12%, respectively.

Meanwhile, Defence revenue was 12% lower, reflecting a reduction in orders from the US Defense Logistics Agency and longer lead times in the supply chain.

The company further stated that it is making good progress with the transition to Ansty Park, with customer approvals scheduled for the fourth quarter.

For the full year, the company now expects to reported revenue around 5% lower than 2020 on an organic basis, underlying operating profit to be in a range of £170 million - £190 million, and positive free cash flow.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The National Restaurant Association or NRA has urged the U.S. Congress to refill the Restaurant Revitalization Fund or RRF, which is expected to save more than 1.6 million jobs in the restaurant industry hit hard by the surge in Omicron Variant. In a letter to Congress, the association highlighted, based on its survey on 4,200 restaurant operators, the devastating impact so far on the industry... Industrial conglomerate General Electric Co. reported Tuesday a net loss for the fourth quarter compared to a profit last year, hurt by steep debt extinguishment costs and lower revenues. However, adjusted earnings per share topped analysts' expectations, while quarterly revenues missed them. Shares of LM Ericsson were gaining more than 7 percent in Swedish trading as well as in pre-market activity on Nasdaq, after the telecom equipment maker reported Tuesday higher profit and sales in its fourth quarter with strong demand. Further, the company lifted its full-year dividend, and maintained targets for fiscal 2022 EBIT growth as well as long-term target of EBITA margin.
RELATED NEWS
Follow RTT