Airbus Sticks to Plane Delivery Goal, Ramps Up A350 Production — Update
By Mauro Orru
Airbus posted higher revenue and profit for the first quarter, backed its goal to deliver more planes this year than in 2023 and decided to increase production of its A350 wide-body jets, extending its lead over beleaguered rival Boeing.
The European plane maker confirmed its target to deliver about 800 commercial aircraft to customers this year, more than the 735 planes it dispatched in 2023.
Airbus posted revenue of 12.83 billion euros ($13.73 billion) for the January-through-March quarter, up 9% on year.
Net profit climbed 28% to EUR595 million, though adjusted earnings before interest and taxes--Airbus's preferred measure of profitability--fell 25% to EUR577 million.
Analysts had forecast revenue of EUR12.87 billion on a net profit of EUR631 million and adjusted EBIT of EUR789 million, according to a market consensus provided by the company based on estimates from 18 analysts.
For 2024, Airbus said it continues to expect adjusted EBIT between EUR6.5 billion and EUR7 billion. Free cash flow before customer financing--a closely watched metric by analysts and investors--is projected at around EUR4 billion.
Write to Mauro Orru at mauro.orru@wsj.com
(END) Dow Jones Newswires
April 25, 2024 12:16 ET (16:16 GMT)
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