Airbus Cuts 2019 Delivery Goal -- Earnings Review
October 30 2019 - 8:41AM
Dow Jones News
By Olivia Bugault
Airbus SE (AIR.FR) released its third-quarter results on
Wednesday morning. Here's what you need to know:
PROFIT: Net profit for the period rose to 989 million euros
($1.01 billion) from EUR957 million a year earlier, beating a
FactSet-compiled consensus of EUR935 million.
REVENUE: Revenue edged down to EUR15.30 billion from EUR15.45
billion. Analysts had expected revenue at EUR15.73 billion,
according to FactSet estimates.
WHAT WE WATCHED:
-LOWER DELIVERY TARGET: The European plane maker cut its 2019
delivery guidance to 860 aircraft from a previous forecast of 880
to 890 jets. Airbus said it was working on ramping up its plane
production. Despite the cut, Airbus is still well on track to outdo
its U.S. rival Boeing Co. (BA) as the largest plane maker in terms
of deliveries.
-FCF CUT: Due to lower expected deliveries for 2019, Airbus has
also cut its free cash flow before mergers and acquisitions and
customer financing to EUR3 billion from a previous outlook of EUR4
billion.
-EBIT GUIDANCE UNCHANGED: However, Airbus still expects its
adjusted earnings before interest and taxes to come roughly 15%
higher than last year for 2019.
Write to Olivia Bugault at olivia.bugault@dowjones.com
(END) Dow Jones Newswires
October 30, 2019 08:26 ET (12:26 GMT)
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