Rolls-Royce says engine flying hours increase; Holds guidance

UK aerospace engineer Rolls-Royce held annual guidance and said large engine flying hours had hit 83% of 2019 levels in the four months to April 30.

In a trading statement ahead of its annual shareholders meeting, Rolls said it was on track for the 80% to 90% flying hours range for the full year, as guided in February.

“Our financial performance is in line with our expectations at the time of the full year results on 23 February. Our underlying operating profit guidance of £0.8-£1.0bn and free cash flow guidance of £0.6-£0.8bn in 2023 is unchanged,” the company said.

“We anticipate our free cash flow generation will be seasonally weighted in the second half of the year, as previously indicated.”

Reporting by Frank Prenesti for Sharecast.com