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Aug. 6, 2019, 3:17 a.m. EDT

Rolls-Royce holds outlook, narrows loss

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By Carlo Martuscelli

Rolls-Royce Holdings PLC (RR.LN) backed its full-year outlook on Tuesday as it reported a narrowed pretax loss for the first half of 2019.

The company reiterated its underlying operating profit and free cash flow guidance of 700 million pounds ($850.3 million) plus or minus GBP100 million in 2019. It forecast a minimum of GBP1 billion in free cash flow in 2020.

The company posted a loss before tax of GBP791 million, compared with a loss of GBP1.23 billion in the year-before period, on revenue that rose 5.3% to GBP7.88 billion.

Operating profit on an underlying basis for the period increased by GBP48 million to GBP203 million, the FTSE 100-listed company said. It benefited from a narrowed loss in the civil aerospace unit, as well as growth in its power systems and defense businesses.

Rolls-Royce said that it was making good progress on its troubled Trent 1000 engine, although some customer disruption remained.

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