Airbus on Thursday posted a first-quarter net profit of €362 million, compared with a net loss of €481 million a year earlier, but notes that “the market remains uncertain” with the coronavirus crisis.
Although the European manufacturer delivered 125 commercial aircraft in the quarter, three more than last year, it remains cautious in its outlook: it is keeping its forecast for 2021 unchanged, counting on at least the same number of aircraft deliveries as last year (566 aircraft) and an adjusted operating profit of 2 billion euros, reported AFP.
See also: Airbus shake-up its parts manufacturing network.
Revenues remained stable in the first three months of the year at 10.5 billion euros. This figure reflects a similar number of aircraft deliveries to last year. On the other hand, adjusted operating profit related to its commercial aircraft activities tripled to EUR 533 million, mainly due to cost control and a favorable foreign exchange effect.
Despite these “good results” in the first three months of the year, “the first quarter shows that our sector has not yet overcome the crisis and that the market context remains uncertain,” said Airbus CEO Guillaume Faury, quoted in a statement.
The aircraft manufacturer received 39 aircraft orders in the first quarter, compared to 356 last year. But it suffered at the same time 100 order cancellations, a consequence of financial difficulties and the lack of prospects for airlines in the face of the drop in world air traffic caused by the covid-19 epidemic.
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