Rolls-Royce executive says price hikes are not hurting sales
Invezz
Published Feb 21, 2024 14:59
Updated Feb 21, 2024 15:41
Rolls-Royce executive says price hikes are not hurting sales
A senior executive of Rolls-Royce Holdings PLC (LON: LON:RR) says price hikes are not hurting sales. Shares of the engine maker are still in the red at writing.
Rolls-Royce had a ‘record year of sales’/h2
Ewen McDonald – the chief customer officer for civil aerospace at the London headquartered firm agreed at the Singapore Airshow today that “pricing has been up across the industry”.
But “it’s not having an impediment” considering Rolls-Royce has also had “a record year of sales” as well, he added.
In November, $RR committed to cutting costs and improving engine performance to quadruple its profit by 2028. The British multinational has plans of investing over £1.0 billion to boost its Trent engines.
Note that Rolls-Royce stock has roughly tripled in the trailing twelve months.
Watch here: https://www.youtube.com/embed/zKmygs0aVXg?feature=oembed
Thai Airways recently picked GE over $RR/h2
Earlier in February, Thai Airways picked General Electric (NYSE:GE) for engines to power 80 of its newly bought Boeing (NYSE:BA) 787s following a disagreement over pricing with Rolls-Royce. Still, Ewen McDonald said this morning:
Thai is a big customer for Rolls-Royce. They will continue to be. You win some, you lose some.
His remarks arrive shortly after $RR said it’s open to making engines for single-aisle planes again. The London-listed firm is scheduled to report its full-year financial results on February 22nd.
Our market analyst Crispus Nyaga is convinced that technicals suggests a 15% upside in Rolls-Royce stock to 379 GBX – a price at which it last traded in 2018.
This article first appeared on Invezz.com
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Written By: Invezz
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