Airbus reports ‘strong performance’ for first nine months of year as it looks to focus on production ramp up
Airbus is sticking to its full-year delivery target of 600 jets and has lifted full-year profit targets after a better than expected third quarter.
The planemaker posted a 19 per cent drop in third-quarter operating profit to € 666 million but said it was looking at a full-year operating profit of € 4.5 billion up from the previous target of € 4 billion.
A total of 424 commercial aircraft were delivered during the 9 months to 30 September (9 months 2020: 341 aircraft).
Consolidated revenues increased 17 per cent to € 35.2 billion (same period 2020: € 30.2 billion).
The planemaker said it plans to increase the production rates of A320, A330 and A350 jets bringing a boost to Broughton’s wing making plant.
The increase in revenue is “largely reflecting the delivery performance compared to 2020 which was strongly impacted by COVID-19” Airbus has said.
Commenting on the results, Airbus Chief Executive Officer Guillaume Faury said:
“The nine-month results reflect a strong performance across the company as well as our efforts on cost containment and competitiveness.”
“As the global recovery continues, we are closely monitoring potential risks to our industry.”
“We are focused on securing the A320 Family ramp up and striving to ensure the right industrial and supply chain capabilities are in place.”
“Based on our nine-month performance, we have updated our 2021 earnings and cash guidance.”
“We are strengthening the balance sheet to secure investment for our long-term ambitions.”
On the A320 Family programme, Airbus said it is “working to secure the ramp up and is on trajectory to achieve a monthly rate of 65 aircraft by summer 2023.”
“The recent commercial successes of the A330 programme enable a monthly rate increase from around 2 to almost 3 aircraft at the end of 2022.”
“The A350 programme is expected to increase from around 5 to around 6 aircraft a month in early 2023.”
Airbus said it “assumes no further disruptions to the world economy, air traffic, the Company’s internal operations, and its ability to deliver products and services.”
“On that basis, the Company has updated its 2021 guidance and now targets to achieve in 2021 around 600 commercial aircraft deliveries.”
Airbus said it was looking for full-year operating profit of €4.5 billion and free cashflow of €2.5 billion, up from previous targets of €4 billion and €2 billion respectively.
Full results can be found here: https://www.airbus.com/newsroom/press-releases/en/2021/10/Airbus-reports-Nine-Month-2021-results.html
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