By Jim Mackinnon
Beacon Journal business writer
Meggitt, the U.K.-based engineering, aerospace and military company that owns Meggitt Aircraft Braking Systems in Akron, had higher gross earnings and revenue for its 2013 fiscal year.
Meggitt on Tuesday reported what were called “underlying” net profits, before taxes, of $662.3 million on revenue of $2.7 billion for the year. Revenue was up 2 percent from 2013 while operating profit was up 1 percent. What Meggitt calls “statutory” profit was down 7 percent from 2012.
Meggitt said it expects to increase its full-year dividend by 8 percent. The company anticipates revenue for 2014 will grow over 2013 levels.
“The group achieved continued growth in revenue and underlying profit despite some operational and end-market related challenges,” Chief Executive Stephen Young said in a statement.
Meggitt Aircraft Braking Systems, which represents 20 percent of the parent company’s revenue, had higher revenue and profit for 2013 as well.
Aircraft Braking Systems’ revenue grew 6 percent from 2012 to $550.9 million in 2013, Meggitt reported. Underlying profit rose 5 percent from 2012 to $204.1 million, the company said.
Aircraft Braking Systems provides wheels, brakes and related systems to thousands of civilian and military aircraft.
The company said it saw growth in regional and large civilian aircraft and a modest increase in military revenue.
Jim Mackinnon can be reached at 330-996-3544 or firstname.lastname@example.org.