Figeac Aero Reports Q3 2023 Results, Revenue Up 10.8% Y/Y
French aerospace component maker Figeac Aero SA (OTCPK:FIGAF; FRA:FGA) on Thursday released its revenue figures for the third quarter of its fiscal 2023, reporting earnings growth of 10.8% and 14.3% organically.
The company reported that its consolidated revenue reached €96.6 million in the third quarter of its financial year 2023/24, corresponding to 14.3% organic growth (+10.8% reported growth, including an unfavorable currency impact of €3.1 million).
The group is still being driven both by robust momentum in its Aerostructures & Aeroengines division, which delivered 15.3% organic growth in revenue (+11.4% reported growth) to €88.1 million largely thanks to the A350 which continues to ramp up, and also by more moderate growth in its Diversification Activities.
So, the group's cumulative consolidated revenue for the first nine months of its financial year 2023/24 totaled €277.8 million, corresponding to 21.2% organic growth year-on-year (+17.0% reported growth, including an unfavorable currency impact of €10.1 million). Figeac Aero is thus poised to meet its full-year revenue target of between €375 million and €390 million.
The company confirmed that there is a large volume of RFQ activity underway in commercial aerospace as well as in the defense and services segments — both in which Figeac Aero intends to strengthen its positions as part of its new PILOT 28 business plan. The plan's objectives out to March 2028 include (i) revenue between €550 million and €600 million, implying a 30% increase on the historical high reported in March 2020 just before the crisis, (ii) significantly lower indebtedness, with financial leverage targeted at between 2x and 2.5x, and (iii) a reinforced non-financial performance.
Upcoming events:
- May 14, 2024: revenue for the 4th quarter of FY 2023/24 (after trading)
About Figeac Aero: The Figeac Aero Group, a leading partner for major aerospace manufacturers, specializes in producing light alloy and hard metal structural parts, engine parts, landing gear, and sub-assemblies. Figeac Aero is a global group operating in France, the USA, Morocco, Mexico, Romania, and Tunisia. The group generated annual revenue of €341.6 million in the year to March 31, 2023.