Airbus cuts 2022 delivery guidance as Q2 profit plunges

Jul. 27, 2022 12:57 PM ETAirbus SE (EADSY), EADSFBy: Carl Surran, SA News Editor1 Comment

Airbus A350 XWB passenger plane

VanderWolf-Images/iStock Editorial via Getty Images

Airbus (OTCPK:EADSY) (OTCPK:EADSF) turns lower in Wednesday's trading, -3.1%, after reporting a sharp decline in Q2 net profit and cutting its jetliner delivery goal for this year.

Q2 adjusted EBIT fell 31% Y/Y to €1.38B, reflecting lower commercial aircraft deliveries and weaker performance at its Defense and Space unit, net income sank 63% to €682M, and revenues fell 10% to €12.81B, driven by lower commercial aircraft deliveries compared to the year-ago quarter.

For the full year, Airbus (OTCPK:EADSY) (OTCPK:EADSF) said it now expects to deliver ~700 commercial aircraft, down from previous guidance of 720, leaving a build rate of 65/month for the A320 family previously targeted for next summer unable to be achieved until early 2024, according to Bloomberg.

Airbus (OTCPK:EADSY) (OTCPK:EADSF) backed its financial targets for the full year, expecting adjusted EBIT of €5.5B and free cash flow of €3.5B.

Airbus (OTCPK:EADSY) (OTCPK:EADSF) previously reported H1 net deliveries of 295 jets, roughly flat compared to the year-ago period.

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