European planemaker Airbus announced Wednesday that its quarterly net profit rose 21 percent as it assembled and delivered more planes to customers.
The company’s business results showed that quarterly net profits amounted to 806 million euros (about 863 million dollars), while quarterly revenues increased by 12 percent, compared to the same period last year, to 14.9 billion euros.
Airbus is boosting its aircraft production after cutting it sharply during the Covid pandemic.
“The nine-month earnings reflect higher commercial aircraft deliveries and good performance in helicopters as well as charges associated with the re-evaluation of satellite development programs,” CEO Jom Fourie said in the earnings release.
Airbus, like its American competitor Boeing, collects money when it delivers planes to customers.
The company delivered 172 aircraft to customers from July to September – a 22 percent increase over the same quarter last year.
Thus, a total of 488 aircraft were delivered for the year, and Airbus maintained its target of delivering a total of 720 commercial aircraft this year.
The company delivered a record 863 commercial aircraft in 2019, before the Covid pandemic impacted global air travel.
Airbus also maintained its forecast for adjusted operating profit of 6 billion euros.
After surviving the coronavirus pandemic, which nearly shut down international air travel in 2020, airlines have quickly returned to ordering new aircraft, which offer significant fuel savings.
Airbus’s total order book now stands at nearly 8,000 aircraft, up from 7,482 aircraft before the pandemic.
Supply chain constraints have thwarted plans to ramp up production, with Airbus recording a €400 million charge for estimated delivery delays.
2023-11-08 19:45:52
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