PARIS, April 26 (Reuters) – France’s Safran said underlying revenues grew 12.6 percent in the first quarter as demand for civil aircraft engines, nacelles and military optronics pushed it ahead of the growth needed to meet a steady annual target of 5 percent.

Total first-quarter revenues rose to 5.781 billion euros ($6.4 billion) due in part to the acquisitions of Zodiac Aerospace and electromechanical systems of Collins Aerospace.

Safran, which co-produces engines for Boeing’s recently grounded 737 MAX together General Electric through the CFM International venture, said it continued to build the LEAP engines at the same speed but would cut output if needed.

Boeing earlier this month cut production of the 737 MAX to 42 aircraft from 52 per month following a decision by