AIR Airbus SE

   By Cristina Roca 
 

Airbus SE on Wednesday said net profit for the second quarter more than halved, and that it now expects to deliver fewer planes this year than previously targeted.

The European plane maker said it now expects to deliver around 700 commercial aircraft in 2022, down from previous guidance of 720. The company has been struggling to ramp up its production rate fast enough to meet ambitious delivery targets amid continued supply-chain snarls. Second-quarter plane deliveries were lower compared with a year earlier.

Airbus reported a quarterly net profit of 682 million euros ($690.1 million), down from EUR1.87 billion a year earlier.

Its closely watched adjusted earnings before interest and taxes fell 31% to EUR1.38 billion, roughly in line with analyst views of EUR1.33 billion, according to a company-compiled consensus.

The result reflects lower deliveries of commercial planes during the quarter, as well as weakness at the defense-and-space division, Airbus said.

Revenue fell 10% to EUR12.81 billion. Analysts had expected EUR13.7 billion revenue, according to the same consensus.

Airbus backed its financial targets for the year. It expects an adjusted EBIT of EUR5.5 billion and free cash flow before mergers and acquisitions and customer financing of EUR3.5 billion.

Write to Cristina Roca at cristina.roca@wsj.com

(END) Dow Jones Newswires

July 27, 2022 12:28 ET (16:28 GMT)

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