The European planemaker handed over 114 commercial aircraft in the quarter, down from 136 a year earlier, as a rival Boeing rebounds
Airbus reported first-quarter adjusted operating profit fell 52% to €300 million, from €624 million in the same period a year ago, as commercial aircraft deliveries declined and Boeing $BA overtook it on quarterly handovers.
Revenue for the quarter came in at €12.65 billion, down 7% from a year earlier, the company said. Earnings per share were 74 euro cents on a reported basis.
Handovers totalled 114 commercial jets during the first three months of the year, a drop from the 136 planes handed over in the same window twelve months prior, CNBC reported. Across its divisions, the defence and space segment posted 7% growth, helicopters held flat, and the commercial aircraft unit recorded an 11% year-over-year sales decline.
Full-year targets were left intact, with Airbus still aiming for roughly 870 commercial deliveries alongside adjusted EBIT of around €7.5 billion and free cash flow before customer financing of approximately €4.5 billion. Supply constraints from engine maker Pratt & Whitney are weighing on the delivery outlook.
CEO Guillaume Faury said the company is monitoring potential impact from conflict in the Middle East. "In commercial aircraft, we continue to ramp up and produce as per our plan while navigating the shortage of Pratt & Whitney engines. In defence, the focus remains on serving global demand by ramping up production across our portfolio of products and services," Faury said in a statement.
On the order front, incoming commercial aircraft bookings reached 408 on a gross basis, nearly half again as many as were logged in the year-earlier quarter.
Results from Boeing $BA earlier this month showed the manufacturer beat loss estimates for the quarter, driven by a broad-based recovery that included gains in commercial aviation, according to CNBC. The manufacturer has faced an extended recovery effort after quality failures — most visibly a door plug that blew out of a 737 Max in January 2024 — eroded confidence in its production standards.
The European planemaker capitalised on its rival's misfortunes, picking up orders and market share while Boeing wrestled with scrutiny over the 737 Max. Ortberg told investors that demand for Boeing jets has held steady despite the fighting that broke out in the Middle East earlier this year.
