Pilatus Reports Strong 2023 Financial Performance

Pilatus reported strong 2023 financial performance.  Company revenues grew to CHF 1.478 billion, with EBIT of CHF 240 million in a record year for the aircraft company, despite supply chain challenges. On the commercial front, the company delivered 148 aircraft, with 101 PC-12s, up 26% year over year, and 47 PC-24s, up 18%.  The company received orders of CHF 1.513 billion, up 7%, and increased its total backlog to CHF 2.325 billion, up 3%. At year end, the company employed 2,848 full time equivalents, with 87.6% located in Switzerland

The company had a series of key milestones in 2023. On the military front, the Spanish Air Force bought an additional 16 PC-21 aircraft, making it the largest European operator of that training aircraft.

The company also celebrated 10 million flying hours for the PC-12, the first PC-24 for Royal Flying Doctor Service

, and the first ever PC-12NGX in Japan.

Pilatus also celebrated the delivery of the 2,000th PC-12 to Plane Sense, and introduced a new variant of the PC-24 with greater range and higher payload. Acquisitions were also successful in 2023. Pilatus acquired the former RUAG Aerostructures Schweiz AG in Emmen, and will integrate the 230 employees and machinery. This will allow the company to supply additional components in house and to increase the Swiss content of the aircraft. Pilatus also acquired Aero Center Epps in Atlanta, which provides a new location for factory sales, support, and services in the North American market.

The company is also expanding its operations in Ennetbürgen with a new state-of-the-art composite component manufacturing facility. This will be the first expansion project on a 12.35 acre site, with the new facility designed for sustainability.

The Bottom Line

While others are struggling with supply chain issues, Pilatus is taking initiatives to acquire key suppliers and bring additional work in house. That capacity expansion, along with a strong backlog, will enable Pilatus to continue its successful growth strategy despite supply chain issues facing other industry players.

The PC-24 and PC-12 are both unique and successful aircraft in their market niche, and the PC-21 competes favorably in the military training market. Differentiated products and a focus on quality and manufacturing have combined to enable Pilatus to capture a leadership position in both business turboprop and utility business jet markets. The outlook for 2024 and beyond remains strong.