Airbus profits up but crisis ‘not yet over’ for planemaker

posted on 29th April 2021 by Eddie Saunders
Airbus profits up but crisis 'not yet over' for planemaker

By Edward Thicknesse,

Planemaker Airbus saw its earnings rise in the first quarter but warned that the crisis engulfing aviation due to the pandemic “was not yet over”.

The world’s largest commercial jetmaker said adjusted operating profit rose 147 per cent to €694m (£603m) led by its commercial jet and helicopter activities, as revenue slipped 2 per cent to €10.5bn.

Profits came in ahead of analyst forecasts, largely due to an improved quarter for deliveries. In total, it delivered 125 aircraft in the quarter.

Chief executive Guillaume Faury said: “The good first quarter results mainly reflect our commercial aircraft delivery performance, cost and cash containment, progress with the restructuring plan as well as positive contributions from our helicopter and defence and space activities.

“The first quarter shows that the crisis is not yet over for our industry, and that the market remains uncertain.”

The message was very different to that offered by US rival Boeing yesterday, when the Seattle-based firm posted a $353m core loss.

Despite a sixth straight quarterly loss, the firm said that a rebound was in the offing, a rare note of cheer after a dire year for the industry.

However, that optimism looked shaky later in the day when Boeing was forced to halt 737 Max deliveries after electrical problems required the model to be grounded.