CFM Lands Turkish Airlines MoU for 300+ LEAP-1B Engines
GE sits 16% above its 52-week low of $268.91.
Summary
CFM International, the GE Aerospace-Safran joint venture, signed a memorandum of understanding with Turkish Airlines for more than 300 LEAP-1B engines to power newly ordered Boeing 737 MAX jets, plus a long-term services agreement covering the carrier's entire LEAP-1B fleet of over 600 engines, including previously delivered units and spares. No financial terms were disclosed, and the MoU is provisional rather than a firm order. It extends CFM's run of large airline wins this year, following BOC Aviation's up-to-300-engine commitment, IndiGo's 1,000-plus LEAP-1A MOU, and Philippine Airlines' GEnx deal. The services agreement is the more durable piece, locking in aftermarket revenue on engines already in service.
At the time of this announcement, GE was trading at $312.50 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $323.7B. The 52-week trading range was $268.91 to $388.84. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.