France’s Safran raised its full-year financial targets after reporting stronger-than-expected first-half 2024 results on Tuesday, supported by robust demand for aircraft engine maintenance and spare parts. The French aerospace group, one of the world’s largest suppliers of aircraft equipment and the co-owner of the CFM jet engine joint venture with GE Aerospace, said strong sales of civil engine spare parts helped drive a record first-half operating margin of 18.4%. Mid-year recurring operating profit rose 29% to €3.24 billion ($3.68 billion), beating analysts’ expectations of €3.06 billion, while revenue increased 19% to €17.57 billion, surpassing forecasts of €17.47 billion. France-based CFM, the world’s largest jet engine maker by units sold, continued to benefit from maintenance work on its in-service CFM56 engines, which still power thousands of aircraft even as airlines take delivery of newer LEAP-powered narrow-body jets. Safran reported that sales of spare parts for civil engines rose 27.9% in dollar terms. Its core Propulsion division, which generates just over half of group sales, posted a 28% earnings rise to €2.25 billion, while the Equipment & Defense business rose 29% to €907 million and Aircraft Interiors doubled profit to €54 million. Safran now targets mid-teens percentage revenue growth for 2024, up from a previous low-to-mid-teens range, and forecasts full-year operating profit of €6.4 billion to €6.5 billion, alongside stronger growth in LEAP engine deliveries in the high teens percentage range.

Prepared by Christopher Adams and reviewed by editorial team.