Shares nose dive in Airbus after fall in profits
Airbus shares have dipped more than 6% today after it said delays to deliveries of A350 and A320neo jets are causing a drain on cash, that’s despite having £745bn worth of planes on the order books.
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Earnings per share are half of what they were a year ago amid problems in its supply chain which has had led to a back up of jets waiting for delivery.
Along with the passenger jet delivery issues problems with its military transporter plane has seen Airbus take charges of more than £3.1bn.
Tom Enders, chief executive has described delays to the A400m programme as “frustrating.”
Airbus will maintain a production target of 10 A350s per month by the end of 2018, but admits the ramp-up is becoming “increasingly challenging”.
Commercial aircraft revenues rose by 1% to £6.7 billion over the quarter, earnings fell by more than 30% to £225 million.
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