{"id":85757,"date":"2023-11-17T14:29:45","date_gmt":"2023-11-17T19:29:45","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/gkn-aerospace-owner-melrose-lifts-2023-profit-expectations\/"},"modified":"2023-11-17T14:29:47","modified_gmt":"2023-11-17T19:29:47","slug":"gkn-aerospace-owner-melrose-lifts-2023-profit-expectations","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=85757","title":{"rendered":"GKN Aerospace-owner Melrose lifts 2023 profit expectations"},"content":{"rendered":"
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\u00a9 Reuters. Branding is seen outside the headquarters of GKN in Redditch, Britain, March 12, 2018. REUTERS\/Hannah McKay\/File Photo<\/span>
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(Reuters) – British aerospace supplier Melrose said on Thursday it expected 2023 profit to be 7% higher than its previous expectations, partly driven by stronger aftermarket demand and improved pricing.<\/p>\n

The owner of GKN (LON:) Aerospace, which counts Airbus and Boeing (NYSE:) as its top customers, said trading and margin performance during the four month ended Oct. 31 was better than its previous expectations.<\/p>\n

Melrose, which spun off its auto and other businesses in April to become a pure-play aerospace supplier, now expects an adjusted core profit of 680 million pounds to 700 million pounds ($842.5-$867.2 million) for the year ending Dec. 31.<\/p>\n

It also said that adjusted operating profit next year would be about 4% better than market expectations, given that demand would continue to be constrained by supply.<\/p>\n

In September, Melrose flagged a potential cash hit of about 200 million pounds through 2026 after Pratt & Whitney parent RTX warned of grounding of some engine variants for quality checks.<\/p>\n

GKN Aerospace has a 4% programme share on the GTF PW1100G variant impacted by this issue. ($1 = 0.8072 pounds) <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. Branding is seen outside the headquarters of GKN in Redditch, Britain, March 12, 2018. REUTERS\/Hannah McKay\/File Photo (Reuters) – British aerospace supplier Melrose said on Thursday it expected 2023 profit to be 7% higher than its previous expectations, partly driven by stronger aftermarket demand and improved pricing. The owner of GKN (LON:) Aerospace, […]<\/p>\n","protected":false},"author":1,"featured_media":2609,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-85757","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nGKN Aerospace-owner Melrose lifts 2023 profit expectations | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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