Airbus Raises 2021 Guidance After Returning to Profit in 2Q
29 July 2021 - 3:16PM
Dow Jones News
By Olivia Bugault
Airbus SE on Thursday raised its full-year guidance and swung to
a net profit in its second quarter, and it said its board approved
the launch of an A350 freighter derivative.
The European plane maker said it expects to deliver 600
commercial jets this year, compared with a previous target to at
least match the 566 deliveries it achieved last year. It forecast
adjusted earnings before interest and taxes in 2021 of four billion
euros ($4.74 billion), up from a previous target of EUR2 billion
euros, and it said free cash flow before mergers, acquisitions and
customer financing should now come at EUR2 billion. This compares
with a previous target of at least break-even.
The new guidance follows the company's solid performance in its
first half and assumes no further disruptions to the world economy
and air traffic because of the coronavirus pandemic, it said.
Net profit for its second quarter was EUR1.87 billion, compared
with a net loss of EUR1.44 billion a year earlier, while revenue
rose 70% to EUR14.18 billion.
Airbus's more closely watched adjusted earnings before interest
and taxes also swung to a profit, of EUR2.01 billion.
"We are now working to secure the A320 Family ramp-up while
transforming the industrial set up," Airbus's chief executive
Guillaume Faury said. "Furthermore and following board approval, we
are enhancing our product line with an A350 freighter derivative,
responding to customer feedback for increased competition and
efficiency in this market segment."
Write to Olivia Bugault at olivia.bugault@wsj.com
(END) Dow Jones Newswires
July 29, 2021 01:15 ET (05:15 GMT)
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