Airbus holds annual targets, bets on year-end delivery surge
Airbus maintained its full-year target of about 870 aircraft deliveries and production plans, but needs a record fourth quarter to meet the goal. Third-quarter adjusted operating profit was €1.77 billion as revenue fell 2% to €17.47 billion.
1. Annual delivery target
Airbus held to its goal of delivering around 870 aircraft this year, which would be its highest tally ever, and left production goals unchanged. The company needs a record fourth quarter to reach the target. CEO Guillaume Faury said Airbus was no longer facing the engine-related situation that had slowed its ramp-up two years ago, though supply-chain delays persist.
2. Quarterly results
Adjusted operating profit reached €1.77 billion in the three months to the end of September, broadly matching analysts’ estimate in a company-compiled poll. Revenue fell 2% to €17.47 billion, below the €17.91 billion estimate.
3. Inventory and cash flow
Free cash flow before customer financing was negative €1.27 billion since January, reflecting higher inventories as Airbus prepared for stronger year-end deliveries and increased production. Faury said inventory was high near the end of October and expressed confidence in meeting the delivery target.
