MTU reported strong results. Military revenues were the driver of the consensus beat, linked to a spill-over effect of deliveries. MRO growth was also solid, driven by its activities for the V2500 and GTF engines. The strong Q1 mix generated impressive margins linked to proportionally more military and service parts revenues than standard levels. The FY22 guidance was reiterated.
29 Apr 2022
Q1 22: Strong mix generates impressive margins
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Q1 22: Strong mix generates impressive margins
MTU reported strong results. Military revenues were the driver of the consensus beat, linked to a spill-over effect of deliveries. MRO growth was also solid, driven by its activities for the V2500 and GTF engines. The strong Q1 mix generated impressive margins linked to proportionally more military and service parts revenues than standard levels. The FY22 guidance was reiterated.