Cincinnati-based aircraft engine manufacturer, GE Aviation is targeting annual revenues of $18 billion in 2011 on the back of robust engine deliveries and growing services volume.
Rick Kennedy, spokesman for GE Aviation, said the company expects to end the year in the range of $18 billion. The company had reported annual revenues of $17.6 billion in 2010.
The increased revenues include results from CFM International (GE's 50:50 joint venture with France's Snecma) and Engine Alliance (another 50:50 partnership between GE and Connecticut-based Pratt & Whitney).
GE expects commercial engine deliveries from GE, CFM and Engine Alliance to grow by approximately 10 per cent in 2011 to 2,200 engines as compared to 2,000 in 2010. Total deliveries are expected to reach 3,200 engines this year and 3,350 engines in 2012.
CFM alone expects annual engine deliveries of approximately 1,350 engines over the next three years, driven by the continuing worldwide demand for single-aisle aircraft.
Crude oil hovering around $100 a barrel is spurring purchases of the newest, most economical engines even as it crimps airlines' finances, GE Aviation chief executive officer David Joyce told Bloomberg in a telephonic interview.