BERLIN (Reuters) - MTU Aero Engines (DE:MTXGn) reported a surge in first quarter profits and sales, helped by the strong U.S. dollar and growth at its maintenance business.
MTU, whose customers include major planemakers Boeing (N:BA) and Airbus (PA:AIR), reported revenues up 20 percent to about 1.1 billion euros (0.79 billion pounds) and adjusted earnings before interest and tax up 10 percent to 97.7 million euros.
Analysts had on average expected revenues to rise 18.9 percent to 1.086 billion euros and adjusted EBIT to increase 10.4 percent to 98.3 million, according to a Reuters poll.
MTU confirmed a forecast for revenue and profit to rise by around 10 percent this year, to 4.4 billion euros and 420 million euros respectively, but said it would review this with its half-year results.
That guidance is based on an average exchange rate of $1.20 to the euro. Since then the rate has fallen further and was at around $1.088 on Monday.
MTU is a beneficiary of the stronger dollar because it does most of its business in the U.S. currency but reports in euros.