May 4, 2022, © Leeham News: Airbus presented its results for the first quarter of 2022 today. The results were better on all accounts compared with the first quarter last year, and the year’s outlook is unchanged.
However, Airbus CEO, Guillaume Faury warned that the geopolitical and economic conditions are volatile. The guidance for 2022 is unchanged, and longer-term Airbus now plans for 75 A320 series deliveries by 2025 (was 60).
The 1Q2022 delivered a 15% increase in revenue to €12bn as 140 airliners were delivered during the quarter (125 1Q2021). EBIT Adjusted (reflecting the operational profit) increased by 55% to €1.263m (€694m).
Revenue for 1Q2022 was €12bn (€10.5bn 1Q2021), operating profit €1.3bn (called EBIT adjusted, -€0.7bn 1Q2021), and net profit was €1.2bn (€0.35bn).
Free cash flow for 1Q2022 was €0.2bn (€1.2bn), and the net cash position end of 1Q2022 was €7.7bn (end 2021 €7.7bn).
Guidance for 2022 is unchanged at:
Net order intake was 83 aircraft compared with a loss of 63 aircraft 1Q2021. The backlog is now 7,023 aircraft.
For the 140 delivered aircraft, 142 were produced: 109 were A320/A321, 11 A220, 16 A350, and 6 A330. Two of these aircraft could not be delivered due to sanctions.
Market demand has made Airbus increase the rate for the A320 family to 75 aircraft per month during 2025 and increase the rate to 65 next year (was 60 for both).
The A321XLR needs some additional work around the certification of the rear center tank, which is integral to the fuselage. The delivery of the first aircraft will, therefore, slip one quarter to early 2024 (was last quarter 2023).
The helicopter increased revenue by 8% to €1.3bn (€1.2bn) and profits by 45% to €90m (€60m).
Defense and Space
Defense and Space increased revenue by 16% to €2.5bn (€2.1bn) and profits five times to €95m (€17m). One A440M was delivered in 1Q2022.