Garden Grove Obscures Melrose's First Half, but Long-Term Cash Inflection Intact

Melrose Industries, through GKN Aerospace, is a leading Tier 1 supplier of engine and airframe components and systems. More than 70% of airframes content is provided on a sole-source basis. The engines business has positions across 90% of the world’s major aircraft and 19 risk- and revenue-sharing partnerships, or RRSPs, providing aftermarket entitlement on around 70% of global flying hours. Customers include Pratt & Whitney, GE Aerospace, Safran, and Rolls-Royce.