Pratt & Whitney has stemmed it’s reduction in operating profit reductions, as the manufacturer continues to battle the GTF engine checks.
RTX, the owner of the manufacturer, has reported it’s first quarter results for the enginemaker.
Without further ado, let’s get into it…
The Numbers for Pratt & Whitney…
For the first-quarter of 2024, Pratt & Whitney’s adjusted operating profit is $430m.
This is one per cent less compared to the same period last year, and is slightly higher than the reported operating profit at $412m.
Revenues remain unadjusted at over $6.4bn, which is a 23% increase year-on-year.
The main highlight for Pratt & Whitney was Icelandair selecting them to power up to 35 A320neo Family aircraft.
P&W At Peak for GTF Checks & Repairs…
One notable aspect from the Pratt & Whitney financial reports is the disclosures made regarding the issues with the GTF engines.
Furthermore, it is understood that the manufacturer is in the peak of the Airbus aircraft on ground for the checks and repairs.
Around 350 aircraft are expected to be grounded between now and 2026, with the turnaround for engines being around 250-300 days.
Pratt & Whitney has been actively working with customers to minimise disruption financially and operationally.
For example, around four weeks ago, the manufacturer agreed a compensation package for Air Astana.
Overall…
In conclusion, Pratt & Whitney has been able to stem downturn well, with operating profit reductions being minimal.
Revenues are rising, with profits expected to rise the further they get through the current issues with the GTF engines.
Furthermore, all eyes will be on additional updates that may come through regarding the engines.
All eyes will be on P&W throughout the rest of 2024 for this.
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