October 31, 2019 / 6:24 AM / 16 days ago

Aerospace supplier Safran maintains full-year outlook as Q3 sales rise

Oct 31 (Reuters) - French aerospace supplier Safran SA on Thursday confirmed its full-year financial outlook, after it posted higher third-quarter revenues, buoyed by sales of current-generation civil and military jet engines.

Revenues rose 14% from a year ago to 6.1 billion euros ($6.8 billion).

Safran, which co-produces civil jet engines with General Electric, also confirmed a goal of producing around 1,800 new-generation LEAP engines in 2019 based on Boeing’s current production rate for the grounded 737 MAX jetliner.

Boeing cut production of the LEAP-powered 737 MAX to 42 aircraft a month after it was grounded in March, keeping its assembly lines running at a slightly reduced rate in order to avoid stop-start disruption to its supply chain.

Safran said its widely watched aftermarket for spares and services grew 9.8% in the first nine months, including 9.2% in the third quarter.

In September, Safran raised its full-year forecasts after reporting stronger than expected first-half profits, and the company stuck to those forecasts on Thursday.

Safran expects adjusted recurring operating income to grow well above 20% and for revenue to grow around 15% in 2019 compared to 2018.

$1 = 0.8960 euros Reporting by Tim Hepher; Editing by Sudip Kar-Gupta and Rashmi Aich

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