Rolls-Royce shares rose after CEO Warren East said charges related to the Trent 1000 engine were now mostly over. To hit a $1.3 billion free cash flow target, investors used to bruising one-offs must take his word, says CGAThompson:
Aerospace engineer Rolls-Royce reported a 2019 operating loss of 852 million pounds on Feb. 28, after the cost of tackling durability problems with its Trent 1000 engine offset record engine deliveries.
Excluding exceptional charges, the company’s underlying operating profit rose 25% year on year to 808 million pounds on organic revenue which grew by 7% year on year to 15.5 billion pounds. In November, Rolls-Royce said it would take a 1.4 billion pound one-off charge connected with its Trent 1000 engine, which powers Boeing's 787 Dreamliner aircraft. Airline customers have had to ground the aircraft for Rolls-Royce to carry out repairs.
The company added that the coronavirus was likely to hit air traffic growth in the near term, but long-term growth trends remained intact.
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