(News Bulletin 247) – The aircraft manufacturer delivered 766 aircraft last year, while it was targeting “around” 770 aircraft. The 2024 objective is therefore narrowly missed. However, the robust end of the year sends a positive signal for the new year.

Airbus therefore missed its target by a hair. The European aeronautics and defense group delivered 766 aircraft last year, compared to 735 in 2023.

The former EADS thus finished close to its objective, which was “around” 770 aircraft. Christian Scherer, general manager of the group’s civil aeronautics division, told journalists that he considered that, from his point of view, the objective had been achieved. It will still be remembered that Airbus lowered this target in June, initially set at around 800 aircraft.

Airbus again suffered from significant tensions on its supply chain last year. Particularly in terms of aerostructures (fuselage, empennage), cabin equipment and engines. With this in mind, the very high level of deliveries recorded in the month of December alone, namely 123 devices, is remarkable. As is the overall figure for 2024.

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Engine certifications

“We view the delivery results as positive for the company’s fourth quarter 2024 results, as they exceed the consensus of 755 deliveries and our estimate of 758 deliveries,” appreciates Royal Bank of Canada. The Canadian bank estimates that the market expected around 760 units.

“We believe that the approximately 600 deliveries for the entire A320 family constitute a positive element for the dynamic towards 2025,” adds Royal Bank of Canada.

For Deutsche Bank, the final level of deliveries for 2024 is “encouraging for 2025”. “While the delivery figure is not a surprise, it suggests some improvement in the supply chain by the end of the year,” underlines the American bank.

This is especially true as certain elements could ease tensions on the Airbus supply chain. Royal Bank of Canada and Bank of America discuss the certification by aviation regulatory authorities in the United States and Europe of the new high-pressure turbine blade for the Leap-1A in early December. This Leap-1A engine, developed by CFM International, a joint venture of General Electric and Safran, powers the A320 neo family, Airbus’ cash cow. For Royal Bank of Canada, this recent certification could help increase Leap-1A production and alleviate the bottleneck experienced by Airbus on its engines in 2024.

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Jefferies, for its part, notes that the volumes and the drop in inventories recorded by Airbus on year-end deliveries bode well for fourth-quarter profitability. As well as the “mix”: Airbus delivered 35 more A321 neo aircraft in the fourth quarter of 2024 than in the same period of 2023 and 14 fewer A320 neo aircraft. However, the A321 neo is more expensive and more profitable than the A320 neo. The bank estimates that the adjusted operating profit of Airbus’ civil aerospace division could see an increase of 300 million euros to 400 million euros in the fourth quarter.

Airbus will report its fourth-quarter and full-year 2024 results on February 20. The aeronautics and defense group will then communicate its outlook for results, cash generation and deliveries for 2025.

Royal Bank of Canada expects a target of around 825 aircraft and judges that such a target would strengthen market confidence in the aircraft manufacturer. Deutsche Bank, for its part, estimates that Airbus will deliver 819 aircraft in 2025 and considers that the group has the means to communicate an objective in line with its forecast.

On the Paris Stock Exchange, Airbus gained 1.3% after the announcement of its 2024 deliveries and these comments from analysts. The aircraft manufacturer signs the third largest increase in the CAC 40.

Note that Christian Scherer, on Thursday evening, confirmed Airbus’ objective of producing 75 aircraft per month of the A320 neo family by 2027. The manager assured that this target was “realistic”.