Airbus Q3 Net Profit Up; Backs FY19 Adj. EBIT View, Cuts Delivery Target
(RTTNews) - European aerospace company Airbus SE (EADSF.PK, EADSY.PK) reported Wednesday that its third-quarter net income grew 3 percent to 989 million euros from last year's 957 million euros.
Earnings per share were 1.27 euros, higher than 1.23 euros a year ago.
Earnings before interest and tax or EBIT, meanwhile, declined 14 percent to 1.34 billion euros from last year's 1.56 billion euros. Adjusted EBIT was 1.60 billion euros, up 2 percent from 1.58 billion euros a year ago.
Revenues for the quarter edged down 1 percent to 15.30 billion euros from 15.45 billion euros last year.
The company attributed the weak revenues to lower commercial aircraft deliveries, almost offset by favourable foreign exchange rates and higher revenues at Airbus Defence and Space.
Looking ahead for fiscal 2019, Airbus now targets around 860 commercial aircraft deliveries, which reflects the updated delivery schedule. The company previously targeted 880 to 890 commercial aircraft deliveries in 2019.
On that basis, Airbus maintained its expected increase in adjusted EBIT of approximately 15 percent compared to 2018.
Airbus now expects FCF before M&A and Customer Financing of approximately 3 billion euros.
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