By Olivia Bugault

Airbus SE swung to net profit in its first quarter, the company said Thursday as it confirmed its guidance for 2021.

Net profit stood at 362 million euros ($438.9 million), compared with a net loss of EUR481 million a year earlier. Revenue fell 2% to EUR10.46 billion.

Airbus's more closely watched adjusted earnings before interest and taxes more than doubled during the first three months of the year to EUR694 million from EUR281 million, it said.

The increase in earnings is mainly due to good cost and cash control, as well as the 125 commercial planes delivered during the period and restructuring progress, the company said.

However, "the first quarter shows that the crisis is not yet over for our industry, and that the market remains uncertain," Airbus Chief Executive Guillaume Faury said.

The aerospace giant confirmed its guidance for 2021, including its target to at least match the 566 deliveries it made last year.

Write to Olivia Bugault at olivia.bugault@wsj.com

(END) Dow Jones Newswires

April 29, 2021 01:10 ET (05:10 GMT)

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