The following is a summary of the Safran SA (SAFRY) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Safran reported a revenue of €6.2 billion in Q1 2024, up by 18%, largely due to a strong performance by civil aftermarket services and original equipment deliveries in the Equipment & Defense sector.

• They encountered negative impact on sales (around €50 million) due to less favorable average dollar spot rate for Q1 2024 compared to Q1 2023.

• The company revised down its LEAP engine delivery growth forecast from 20% - 25% to 10% - 15% due to volume challenges.

Business Progress:

• Safran successfully completed the acquisition of Air Liquide's aeronautical oxygen and nitrogen activities.

• Significant business agreements were signed, including contracts with American Airlines for over 400 LEAP-1B engines, and an extension to support the U.K. MOD's fleet of RTM322 engines for an additional six years.

• The company exhibited growth in its civil aftermarket revenue base, particularly in services.

• Safran experienced robust growth in defense electronics and equipment and will continue to explore acquisitions in defense, focusing on technological advancements. Despite revised forecasts, the company reaffirmed its financial objectives for 2024.

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