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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Airbus SE    AIR   NL0000235190

AIRBUS SE

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Rolls-Royce finds cracks in small number of Trent XWB engines

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08/11/2020 | 07:58am EDT
FILE PHOTO: Rolls Royce engine of the first Fiji Airways A350 XWB airliner is seen at the aircraft builder's headquarters of Airbus in Colomiers near Toulouse

Britain's Rolls-Royce will carry out extra inspections on some of its Trent XWB engines after cracks were found on a small number of them, in a further headache for the company whose finances have been hit hard by the pandemic.

Rolls-Royce sought to reassure investors and airline customers on Tuesday that the issue on some XWB engines, which powers the Airbus A350 plane, would not cause significant disruption for carriers or material cost.

Sources close to the matter said that the cost to Rolls would be in the low to mid tens of millions of pounds.

That makes it much less severe than the Trent 1000 issues, where problematic turbine blades on the engine which powers the Boeing 787 are set to cost the company 2.4 billion pounds ($3.1 billion) to fix over the 2017-2023 period.

The cost of fixing that problem comes as the pandemic heaps pressure on the company's finances. It is looking at options to strengthen its balance sheet after planes stopped flying, cutting the revenues it receives from flying-hours.

Rolls said wear on the Trent XWB-84 engine will be subject to an Airworthiness Directive from regulator EASA, which is expected to be published on Wednesday.

The company pre-emptively issued its statement to address "potential speculation".

Morgan Stanley analysts said that there was a high degree of sensitivity around the XWB given that the engine is important to Rolls's future value, but its assessment was that the issues were not a major concern and it called them "benign".

Shares in Rolls traded up 3% to 273 pence at 1109 GMT. The stock recently hit its lowest level for 11 years.

Rolls said that routine inspections had found the wear in one or two blades of the Intermediate Pressure Compressor in a small number of XWB engines which have been in service four to five years.

It said there were 100 such engines in service. None of the engines had experienced any abnormal in-flight operations and the issue had not been found on younger engines.

($1 = 0.7643 pounds)

(Reporting by Sarah Young; editing by Jason Neely)

Stocks mentioned in the article
ChangeLast1st jan.
AIRBUS SE 0.62% 60.02 Real-time Quote.-54.00%
MORGAN STANLEY 0.92% 47.04 Delayed Quote.-7.98%
ROLLS-ROYCE HOLDINGS PLC 3.50% 155.35 Delayed Quote.-77.35%
THE BOEING COMPANY 6.83% 156.03 Delayed Quote.-55.17%
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Financials
Sales 2020 46 879 M 54 539 M 54 539 M
Net income 2020 -343 M -399 M -399 M
Net Debt 2020 1 256 M 1 462 M 1 462 M
P/E ratio 2020 -151x
Yield 2020 0,01%
Capitalization 47 034 M 54 646 M 54 719 M
EV / Sales 2020 1,03x
EV / Sales 2021 0,86x
Nbr of Employees 135 154
Free-Float 73,0%
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Number of Analysts 24
Average target price 80,64 €
Last Close Price 60,02 €
Spread / Highest target 105%
Spread / Average Target 34,4%
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Guillaume Faury Chief Executive Officer
René Richard Obermann Chairman
Michael Schöllhorn Chief Operating Officer
Dominik Asam Chief Financial Officer
Luc Hennekens Chief Information Officer
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