Rolls Royce Q2 Earnings Report 2023
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Rolls Royce H1FY23: The Aero-engineer reported Fivefold Increase in its Profits for the First Half of 2023
Rolls-Royce for H1FY23 repored significantly improved first half results underlying operating profit of £673 million as compared to £125 million same period last year. The profits surged by 438.4% on YoY basis. (source: Rolls-Royce)
On segmental basis, Rolls-Royce's civil aerospace segment delivered operating profits of £405 million compared with a loss of £79 million a year ago. Operating profits grew by a 33% to £261 million in its defence business which the Company said was its most “resilient” division with the sector benefiting from increased global demand as a result of the war in Ukraine. Operating profits from their Power system segment stood at £125 million as compared to £119 million same period last year. (source: Rolls-Royce)
Rolls Royce for H1FY23 reported improvement in flying hours by engines from its civil aerospace segment, it went up by 36% and reaching 83% of 2019 levels. The company also banked 240 large engine orders in the H1, up from 96 the previous year. (source: Rolls-Royce)
The company reported free cash flow of £356 million up by 424% reflects continued end-market growth and thier focus on commercial optimisation and cost efficiencies across the Group. Also it was as a result of higher profit and strong growth in EFH receipts, partly offset by a working capital outflow. (source: Rolls-Royce)
Rolls Royce mentioned that they had swung to a pre-tax profit of £1.4 billion from losses of £1.8 billion a year ago. (source: Rolls-Royce)
The aero-engine maker has not seen levels like this since the start of the Covid-19 pandemic and credited its turnaround programme and bounce-back in international travel, which is driving demand from airlines for engine maintenance. (source: Rolls-Royce)
On 26 July 2023, The comany upgraded FY2023 guidance for underlying operating profit around £1.2 billion-£1.4 billion and free cash flow to £0.9 billion-£1.0 billion. (source: Rolls-Royce)
Rolls Royce stock was up by 2.94% on 3 Aug, 2:13 pm. (Source: Yahoo).
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