The top-line performance was broadly in line with our Q3 expectations, and margins are expected to be lower in H2. This is driven by an adverse mix within the civil aftermarket, with airlines’ delivery deferrals of spare parts and the lower volumes across manufacturing sites. Meggitt reinstated FY20 guidance, with the group’s underlying operating profit marginally lower than expected, but the FCF guidance is maintained, and we believe the latter to be the most important metric to track this year ....
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Q3 20: businesses in line, but slight pressure on margins
- Published:
10 Nov 2020 -
Author:
Hugo Paternoster -
Pages:
3
The top-line performance was broadly in line with our Q3 expectations, and margins are expected to be lower in H2. This is driven by an adverse mix within the civil aftermarket, with airlines’ delivery deferrals of spare parts and the lower volumes across manufacturing sites. Meggitt reinstated FY20 guidance, with the group’s underlying operating profit marginally lower than expected, but the FCF guidance is maintained, and we believe the latter to be the most important metric to track this year ....