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Melrose Industries Confirms Cash Impact from Pratt & Whitney GTF Engine Recalls

by Administrator Forexezy
September 12, 2023
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By Anthony O. Goriainoff

Melrose Industries has acknowledged a cash impact of approximately £200 million ($250.2 million) resulting from the Pratt & Whitney GTF engine recalls. However, the company remains confident in its previous guidance and has reassured investors that its buyback program will proceed as planned.

Melrose’s GKN Aerospace division holds a 4% program share in the GTF PW1100G engine variant. Despite the challenges posed by the recalls, the FTSE 100-listed turnaround specialist remains committed to its long-term goals.

Earlier today, engine maker RTX revealed that it expects to incur a pre-tax charge of around $3 billion due to the recall of hundreds of Pratt & Whitney jet engines. The recall relates to certain parts made from powder metal. Approximately 600 to 700 engines will need to be removed for inspection.

Melrose Industries believes its financial assumptions for all risk and revenue sharing partner programs are conservative. The company acknowledges that it primarily focuses on delivering GKN parts, which have a typical lifespan equal to that of the engine. This approach allows Melrose to account for potential risks that may arise during the program’s entire duration.

Melrose CEO Simon Peckham expressed confidence in achieving the company’s previous profit and balance sheet guidance. Peckham also announced plans to commence a share buyback program in October.

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Tags: Cash ImpactGTF Engine RecallsInvestorsMelrose IndustriesPratt & Whitney
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