Rolls-Royce doubled its profits in 2022 under CEO Tufan Erginbilgic's transformation plan, and forecasts a 25% increase for 2024.
UK's Rolls-Royce more than doubled its profits last year, driven by increased engine, defense, and power orders, and under CEO Tufan Erginbilgic's transformation plan that cut costs and improved pricing. The company's stock surged over 200%, and its underlying operating profit in 2023 reached £1.6bn (US$2bn), surpassing analysts' forecasts of £1.4bn. In 2023, Rolls-Royce achieved "a historic year", according to Bernstein analyst George Zhao. The company forecasts its underlying operating profit for 2024 to rise by 25%, signalling further growth.
February 25, 2024
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