Airbus’ first-quarter revenue fell by 7% to €12.7bn, reflecting a 16% decline in commercial aircraft deliveries to 114 planes, due to a shortage of engines from one of its suppliers. Helicopters revenue was broadly flat, while Defence & Space revenue rose 6%.
Underlying operating profit fell by 52% to €0.3bn (€0.4bn expected), largely due to the decline in aircraft deliveries.
Free cash outflows worsened from €0.3bn to €2.5bn, reflecting an increase in inventory. Net cash stood at €9.8bn, down from €12.2bn at year-end.
Full-year guidance has been maintained, with Airbus expecting to deliver around 870 commercial aircraft. Underlying operating profits and free cash flow are still expected to land at around €7.5bn and €4.5bn, respectively.
The shares rose 1.6% in early trading.
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Airbus key facts
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