The Group reported revenues of €43bn for the period and charges that lowered profits.
Net cash fell by nearly €5bn from the same period last year. Earnings at the Commercial unit fell 59% YOY.
The press release with detailed results may be found here.
Revenues were flat YOY. Deliveries of A320ceos plus the neos, combined with deliveries of the A350s, albeit behind schedule, were offset by lower A330 deliveries.
“As expected, the nine-month performance reflects the heavily back-loaded aircraft delivery schedule, ongoing production ramp-up and transition to new versions of our A320 and A330 aircraft,” said Tom Enders, Airbus Group Chief Executive Officer in the press release. “For the remaining months of the year we remain totally focused on deliveries to achieve our earnings and cash guidance. The commercial environment continues to be rather healthy, with a backlog of more than 6,700 aircraft supporting our production plans and reflecting the strength of the product portfolio. Further integration of the group, as recently decided, will simplify the company’s governance and improve competitiveness.”
Airbus delivered 462 aircraft in the nine months vs 446 a year ago.
Airbus obliquely indicated pricing for the A330ceo and A320ceo is lower than a year ago.
“Commercial Aircraft’s EBIT before one-off was €1.8bn (9m 2015: €2.2bn), driven by the lower A330 rate, delivery profile, transition pricing on A330 and A320, and higher ramp-up costs, while research and development (R&D) costs decreased,” the company said.
Airbus said the early “teething” problems with the Pratt & Whitney Geared Turbo Fan on the A320neo “is largely over,” but industrial ramp up issues at PW remain.
Airbus continues to forecast about 670 deliveries for the year. (This is an increase from the press release figure of more than 650, reported on the earnings call.)
Chief Financial Officer Harald Wilhelm.
Quotes are paraphrased.