Airbus Books a Net Loss in 3Q Amid Coronavirus Woes
October 29 2020 - 2:29AM
Dow Jones News
By Olivia Bugault
Airbus SE on Thursday reported a net loss in its third quarter
and booked a restructuring provision in the face of a persistent
coronavirus pandemic that has been particularly hard on the
aviation industry.
The European plane maker had a loss of 767 million euros ($901
million) in the quarter, compared with a net profit of EUR989
million a year earlier, while revenue fell 27% to EUR11.21
billion.
Analysts expected sales to come in at EUR11.57 billion,
according to a consensus estimate provided by FactSet.
"Despite the slower air travel recovery than anticipated, we
converged commercial aircraft production and deliveries in the
third quarter and we stopped cash consumption in line with our
ambition," Airbus Chief Executive Guillaume Faury said.
Airbus's more closely watched adjusted earnings before interest
and taxes fell 49% to EUR820 million. Reported Ebit swung to a loss
of EUR626 million as Airbus booked a restructuring provision of
EUR1.2 billion, it said.
Airbus reported free cash flow before mergers and acquisitions
and customer financing of EUR600 million in its third quarter.
The Toulouse, France-based company said it still won't issue a
new Ebit or delivery guidance for the year due to the continued
impact of the Covid-19 crisis on its activities.
However, Airbus targets at least breakeven free cash flow before
M&A and customer financing in its fourth quarter, reckoning no
further disruption will hit its business during the period.
Write to Olivia Bugault at olivia.bugault@wsj.com
(END) Dow Jones Newswires
October 29, 2020 02:14 ET (06:14 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Airbus (PK) (USOTC:EADSY)
Historical Stock Chart
From Mar 2024 to Apr 2024
Airbus (PK) (USOTC:EADSY)
Historical Stock Chart
From Apr 2023 to Apr 2024