PARIS (Reuters) – Airbus posted a 39% drop in net profit in the first quarter, less than expected, due to lower aircraft deliveries and a partial recovery in the dollar, offset by the good held helicopter sales.
The world’s largest planemaker reaffirmed its production and financial targets, but said the first rollout of a new freighter version of its A350 jetliner would be delayed until 2026.
Airbus recorded adjusted quarterly operating profit of 773 million euros on revenue of 11.76 billion euros, down 2%.
With aerospace working in dollars, Airbus saves about half of its revenue but remains exposed to currency fluctuations between the time it receives installment payments and the delivery of an aircraft, when its euro-based accounting is finalized.
Analysts on average had expected adjusted operating profit of 736 million euros on revenue of 11.37 billion euros, which would smooth out these fluctuations to help assess the underlying businesses, airplanes and rockets to helicopters and fighters.
Underlying free cash flow fell to 889 million euros in the first quarter, due to lower jet deliveries, from a positive 213 million euros a year earlier.
Chief Executive Guillaume Faury said in a statement that Boeing’s European rival continued to face “persistent supply chain tensions”, which means deliveries are expected to pile up again towards the end of the year. ‘year.
(Report Tim Hepher; Nathan Vifflin)
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