Safran: Q3 adjusted sales down 42% organically
(CercleFinance.com) - The high-tech group Safran today announced Q3 adjusted sales of 3,382 million euros, down -44.
5% as reported and down 42% on an organic basis.
The group said that its divisions reported an improvement relative to Q2, although business continued to be ravaged Covid-19, both for original equipment and for services. Safran has therefore continued with its cost-cutting efforts.
In spite of remaining uncertainties regarding the pace of recovery in air traffic, Safran is confident that it will achieve FY 2020 targets, including about a 35% decline in adjusted sales, and an underlying operating margin of around 10%.
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