Thu, Apr. 28, 8:39 AM
- Goldman, maintains its Sell rating on Boeing (NYSE:BA) following yesterday's earnings beat.
- Price target is $101. Implied downside 26%.
- "Boeing beat 1Q16 via its Defense business. Its Defense business grew 19% in the quarter. That is very likely an anomaly and unsustainable. The commercial aircraft segment missed on both revenue and margins. We think this quarter’s BCA results + normalized BDS results will prove more indicative of future performance.
- "Boeing didn’t lower guidance despite taking a tanker charge. But it took a tanker charge. And another 747 charge. And its guidance was boosted by lower share count as it buys back stock in size in the vicinity of a cycle high share price and at a cycle high in units produced.
- "The pace of 787 deferred production increase slowed in the quarter. But so many other drivers of cash flow continue to weaken. The BCA margin was concerning, and implies potential volume and/or price pressures. BCA book-to-bill in the quarter was weak at 0.42X and the metric on a trailing-12-month basis is now squarely below 1.0X.
- "We think orders keep slowing while supply is at an all time high, Airbus (OTCPK:EADSF) keeps taking share, new aircraft potentially have to be invented as a result, the 777 rate gets cut at least once more, the 737 loses at least price if not volume, 787 accounting assumptions prove aggressive, and medium-term EPS and cash flow miss consensus by wide margins. We remain Sell rated."
- Now read Boeing: The Good, The Bad And The Ugly »
Thu, Apr. 28, 7:37 AM
- Airbus (OTCPK:EADSF, OTCPK:EADSY) -6% in Paris trading after reporting a 50% Y/Y drop in Q1 net earnings to €399M ($452M) from €792M and warning of a potentially significant financial hit from its A400M military aircraft program.
- Airbus says Q1 sales were roughly flat at ~€12.2B but suffered negative cash flow of nearly €3B in the quarter.
- Airbus says it delivered 125 aircraft in the quarter, nine fewer than a year earlier, and shipments of its new A320neo single-aisle plane and A350 long-range plane lagged behind; it booked only 10 net orders in Q1 vs. a target of more than 650 deals for the year.
- CEO Tom Enders says “2016 turns out to be the challenging year we anticipated,” but the company maintains its full-year guidance, as the CEO says financial performance will be heavily weighted to H2.
- Airbus has almost €957B ($1.1T) worth of planes in its order book, but that counts for little if you can't actually deliver the aircraft to your customers on time, Bloomberg's Chris Bryant writes.
Apr. 30, 2015, 7:30 AM
- Net profit of €792M ($871M) vs. €439M euros a year earlier due to the sale of a stake in Dassault Aviation.
- Revenue fell 5% to €12.1B ($13.4B) due to lower commercial plane deliveries that were partially offset by the impact of a weaker euro.
- Free cash flow swung to a positive €452M in Q1 from a negative €2B.
- Logged 101 net new orders for jetliners, compared with 103 a year ago, and 110 of rival Boeing.
- Delivered 134 planes during the quarter, compared with 141 a year ago.
- For 2015, Airbus expects slightly higher deliveries and a higher order book. The planemaker also expects to sell more of its remaining stake in Dassault once a lock-up period expires at the end of this year. A decision on a share buyback will be made in the fall.
Dec. 11, 2014, 7:18 AM
- After plummeting 10% yesterday due to worries over further A330 production cuts, Airbus (OTCPK:EADSY) is dropping again in early trade due to a new profit forecast.
- Surprising investors who had expected new and recently upgraded models to start boosting results, Airbus is predicting flat profits in 2016.
- Airbus shares are down 3.9% in London.
Nov. 14, 2014, 6:39 AM
- Airbus (OTCPK:EADSY) reported a 14% rise in operating earnings in the three-month period to €744M, comfortably beating analysts’ expectations.
- Q3 net income dropped 41% to €264M due to negative foreign exchange revaluation, but Airbus' nine-month period net income is still up 16% to €1.4B.
- Despite a warning on possible "negative cost and risk evolution" at its A400M military transport plane program, the planemaker is sticking to its full-year guidance.
- Airbus +0.6% in France.
May 13, 2014, 2:37 AM
Feb. 26, 2014, 9:07 AM
- Airbus' (EADSF) 2013 operating profit before one-off items climbed 21% to €3.6B ($4.9B), surpassing forecasts of €3.52B.
- Revenue +5% to €59.3B.
- Net profit +22% to €1.5B, which includes charges of €434M related to higher costs on the A350 wide-body jet and €292M for restructuring at the company's defense and space business.
- The plane-making unit received orders of 1,619 aircraft in 2013, outselling Boeing.
- Airbus plans to increase A320 output to 46 aircraft a month by Q2 2016 from 42 currently, due to increasing orders. Boeing aims to hit 47 a month for the rival 737 by 2017. (PR)
- Airbus forecasts flat revenues for 2014 and "moderate" growth in operating margin, which it expects to rise to 7-8% in 2015 from 6% in 2013. (PR)
Nov. 14, 2013, 3:46 AM
- EADS' (EADSF): Q3 EBIT (excludes goodwill impairment and other items) of €663M, beats by €1M.
- Revenues of €13.63B (+11% Y/Y).
- Full year Airbus deliveries now seen at 620, versus previous guidance of 600-610.
- FY13 outlook: EBIT before one-offs of €3.5B (unchanged); EPS of €2.50 (unchanged).
- FCF for the year is now seen negative at -€1.5B versus previous guidance of breakeven.
- Full release
Jul. 31, 2013, 10:29 AM
- EADS (EADSF.PK) will change its name to Airbus Group and combine its defense and space businesses into one division. "Now is the time to rebrand the entire group," CEO Tom Enders says.
- The company ups its FY13 commercial aircraft order target by 25% to 1K+.
- Q2 earnings before interest, taxes, and certain items rose 23% to €887M; net profit jumped 14% to €518M.
- Q2 revenue of €13.95B beats by €0.24B. (H1 presentation .pdf) (financial statements)
May 14, 2013, 7:31 AM
EADS (EADSF.PK) says Q1 net profit nearly doubled to €241M as deliveries by Airbus (144 versus 131 in Q1 2012, 410 net orders) drove 16% revenue growth in commercial aircraft sales. Management also says it is confident that the company's 787 Dreamliner competitor, the A350, will make its first flight this summer. For the full year, the company sees "moderate" revenue growth and an operating profit of €3.5B. (Previously: A350 painted and flyable)| May 14, 2013, 7:31 AM