2018年-德勤全球_2018_Global_aerospace_and_defense_industry_financial_performance_study_34页_1mb

2018 Global Aerospace and Defense Industry Financial Performance Study Summary

Core Content

The 2018 Global Aerospace and Defense (A&D) Industry Financial Performance Study provides an overview of the industry's financial performance in 2017, highlighting trends in revenue growth, profitability, and productivity across different segments and regions.

Key Findings

Industry Overview

• Global A&D Industry Revenue: Increased by 2.7% in 2017 to reach US$685.6 billion, up from US$667.3 billion in 2016.
• GDP Comparison: The industry's growth rate (2.7%) was slower than the global GDP growth rate of 3.1%.
• Concentration: The top 20 companies accounted for 73.6% of total industry revenue, indicating a highly concentrated market.
• Five-Year Trend: The industry showed a recovery in revenue growth over the last three years.

Commercial Aerospace vs. Defense Sector

• Commercial Aerospace Revenue: Grew by 1.2% in 2017 to US$323.1 billion, down from 2.7% in 2016.
• US Commercial Aerospace: Growth was marginal at 1.3%.
• European Commercial Aerospace: Experienced strong growth at 3.7% due to higher aircraft deliveries.
• Defense Sector Revenue: Increased by 3.9% to US$361.5 billion, driven by rising global defense spending and US DoD funding.
• US Defense Sector: Grew by 4.5%, outperforming the European defense sector, which grew by 2.6%.

Segment Performance

• OEMs and Electronics Segment: Played a major role in driving overall revenue growth.
  • OEMs: Added US$5.6 billion in revenue.
  • Electronics Segment: Added US$4.7 billion in revenue.
• Lockheed Martin: Led OEMs with US$3.8 billion in revenue increase.
• Rockwell Collins and Raytheon: Top contributors to the electronics segment.
• Propulsion Segment: Recorded the highest operating margins at 17.4%.
• Tier 2 Suppliers: Maintained higher margins than tier 1 suppliers, at 16.5% compared to 10.0%.

Profitability and Margins

• Core Operating Margin: Improved to 10.8% from 10.2% in 2016, driven mainly by the US sector.
• US Operating Margin: Reached 12.7%, up from 11.6%.
• European Operating Margin: Remained stable at 8.5%.
• Boeing: Recorded a 64.2% increase in core operating earnings to US$8.97 billion.
• GE Aviation: Second in core operating earnings with US$6.64 billion, up 8.6%.
• Lockheed Martin: Third with US$5.92 billion, up 5.2%.

Productivity and Employee Metrics

• Employee Productivity: Increased by 8.6% in 2017, with the US leading at 12.3%.
• Global A&D Revenue per Employee: Rose to US$355,997 from US$347,817.
• US vs. Europe Productivity Gap: US productivity per employee was US$48,658, while Europe's was US$29,477.
• Top Performers:
  • Aselsan A.S. had the highest revenue growth at 42.3%.
  • Transdigm Group led in core operating margin with 42.2%.
  • Parker Hannifin had the highest ROA at 23.7%.
  • FACC AG had the highest core operating earnings per employee growth at 154.5%.
  • FACC AG also saw the highest share price change at 231.6%.

Company Performance

• Boeing: Maintained its position as the largest A&D company with US$93.4 billion in revenue, though it experienced a 1.2% decline.
• Airbus Group: Slightly increased revenue by 0.3% to US$75.3 billion.
• Lockheed Martin: Recorded a 8.0% revenue growth to US$51.1 billion.
• Korea Aerospace Industries: Recorded the largest revenue decline at 29.7% or US$774 million.
• Wesco Aircraft: Had the lowest ROA at -13.8% due to a US$300 million goodwill impairment charge.

Conclusion

The global A&D industry showed a modest recovery in 2017, with the defense sector outperforming the commercial aerospace sector. While the US continued to lead in both revenue and profitability, European companies also showed growth, albeit at a slower pace. The industry's focus on efficiency and productivity improvement, especially in the US, contributed to better margins and profitability. The top-performing companies, such as Boeing, GE Aviation, and Lockheed Martin, played a significant role in driving the industry's financial performance.