FACC Reports Strong Results for Fiscal Year 2010/11
Aerospace component manufacturer FACC AG announced a significant increase in revenue and profit for the fiscal year 2010/11. The company also saw a substantial growth in its order backlog.
Austrian aerospace component manufacturer FACC AG returned to its growth trajectory in the fiscal year 2010/11, reporting an 8% increase in revenue to €272 million from €251 million in the previous year. The positive development aligns with a stronger-than-expected global economic outlook and a stabilization in the aerospace industry during the second half of the year.
The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by €16.8 million to €42.6 million. Earnings before tax (EBT) nearly tripled to €24.8 million from €7.4 million a year earlier. The operating result (EBIT) saw a significant jump of 220%, reaching €26.3 million.
"We can be very satisfied with the development in the past fiscal year. We generated pleasing revenue growth, achieved new record results, and more than met our targets," stated CEO Walter Stephan. He attributed the improved profitability to consistent value chain optimization and efficiency enhancement, particularly through increased automation in manufacturing.
FACC's order backlog grew by 71.87% to $2.88 billion, up from $1.68 billion in the prior year. This substantial increase is attributed to FACC's strong positioning with key aircraft manufacturers like Airbus and Boeing, with major orders stemming from the A350XWB, Boeing 787, A380, A320, and Boeing 737 aircraft families.
Looking ahead to fiscal year 2011/12, FACC anticipates another strong operational result. However, the company acknowledges existing uncertainties in the aerospace sector, including political instability and fluctuating fuel prices, which could impact airline order behavior.