Airbus first quarter profit surge puts them on track to achieve full-year targets

Airbus has confirmed it is on track to achieve full-year profit and expects earnings to increase further this year after the group report first-quarter profit surge.

The group report first quarter net income today of €792m in the three months to March 31, from €439m a year earlier up around 80%

Europe’s largest aerospace group and Deeside’s biggest employer, said it was pushing ahead with the production ramp-up of its new A350 jet and that its revamped A320neo remained on schedule, while the A380 would break even as planned this year.

Revenue fell 5 percent to $13.41 billion due to lower commercial plane deliveries that were partially offset by the impact of a weaker euro, this was largely in line with market expectations.

Commercial jet deliveries are expected to be “backloaded” towards the later part of the year, especially for the A350 and A380, Airbus Group said in a statement.

Tom Enders, chief executive, said:

“We had a good start into 2015, with a solid operational performance and improved cash generation, further supported by asset sales. We are on track to achieve our full year targets due to both the continued focus on programme management and the implementation of our core strategy. We will review capital allocation towards the end of the year as we progress on the A350 ramp up, A320 transition and our divestments, while the order book provides a strong platform for future growth.”