ATW Daily News

EADS, Airbus leave losses behind

Monday November 17, 2008

Airbus parent EADS reported a €679 million ($848.4 million) profit in the third quarter, reversed from a €776 million loss in the year-ago period, and said it "faces the impacts of the financial crisis in a position of strength" thanks to a "large and well diversified order book."

Group revenue climbed 6% year-over-year to €9.7 billion and EBIT swung to an €860 million profit from a €711 million loss in the third quarter of 2007. At Airbus, revenue fell 2% to €5.86 billion but EBIT reversed to a €789 million profit from a €696 million deficit last year.

Through the year's first nine months, Airbus's operating result swung to a €1.5 billion profit from a €677 million loss on a 3% increase in revenue to €19.45 billion. Its order book was worth €341.63 billion as of Sept. 30, up 20% year-over-year, as it received €75.18 billion worth of new orders during the period, an 8% improvement. It cited "higher volumes and a more favorable product mix in delivered aircraft" for the revenue increase and said "excellent" delivery performance, progress on the Power8 restructuring initiative and lower exceptional charges helped drive EBIT.

Airbus delivered 349 aircraft (including seven A380s) through Sept. 30, up from 330 last year, and tallied 785 gross orders and 737 net. EADS' nine-month profit was €1.08 billion compared to a €705 million loss last year.

by Brian Straus

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