Rolls-Royce advances to 4-yr high on pretax profit, rising sales

seekingalpha02-23

Rolls-Royce Holdings’ (OTCPK:RYCEY) (OTCPK:RYCEF) American depository receipts on Thursday rose as much as 11% to a four-year high after the U.K. aerospace and defense company returned to ...

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The company reported a pretax profit of 2.43 billion pounds ($3.07 billion) for 2023, contrasting with a pretax loss of £1.50 billion a year earlier. Revenue rose 22% to £16.49 billion, beating a consensus estimate of £15.33 billion. Rolls-Royce’s (OTCPK:RYCEY) (OTCPK:RYCEF) underlying operating profit, which excludes exceptional and one-time items, more than doubled to £1.59 billion. Free cash flow totaled £1.3 billion. For 2024, management said it expected an underlying operating profit in the range of £1.7 billion to £2 billion range. It also forecast free cash flow of £1.7 billion to £1.9 billion. Large-engine flying hours rose 65% from a year earlier, indicating a significant rebound in a key metric that tracks the performance of jet engines. The levels were 88% of those for 2019, before the pandemic halted much of the world’s air traffic. Orders for large engines were the highest in more than 15 years as airlines order new planes to keep up with demand. Its defense segment also reported progress on key programs such as the Aukus submarine deal among Australia, the United Kingdom and the United States. “Our strong delivery in 2023 gives us confidence in our 2024 guidance and is a significant step towards our midterm targets,” Tufan Erginbilgic, chief executive of the company, said in a statement.  More on Rolls-Royce  Rolls-Royce: My Best 2023 Performer And The Future Rolls-Royce hits 4-year high on higher cash-flow targets Seeking Alpha’s Quant Rating on Rolls-Royce Historical earnings data for Rolls-Royce Financial information for Rolls-Royce","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.23.1","shortVersion":"4.23.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2413624599"}