Airbus Announces Solid Q3 Performance
Despite supply chain issues and a growing order backlog, Airbus has announced a solid financial performance.
Despite supply chain issues and a growing order backlog, Airbus has announced a solid financial performance.
DALLAS - Airbus has announced its adjusted earnings for the third quarter of 2022, increasing profits to €599m (US$596m). For the first nine months of the year, revenues had also increased by 5% to €2.87bn (US$2.85bn).
Revenues for its commercial aircraft business also rose 8% to €26.6bn (US$26.4bn) for the first nine months of 2022.
Airbus said this was mainly due to "the higher number of deliveries including a favorable mix and the strengthening of the US dollar."
Guillaume Faury, Airbus CEO, said, "Airbus delivered a solid nine-month 2022 financial performance in a complex operating environment. The supply chain remains fragile resulting from the cumulative impact of COVID, the war in Ukraine, energy supply issues and constrained labour markets."
The CEO added, "Our strong focus on cash flow and the favourable dollar/euro environment have enabled us to raise our free cash flow guidance for 2022. The commercial aircraft delivery and earnings targets are maintained. Our teams are focused on our key priorities and in particular, delivering the commercial aircraft ramp-up over the coming months and years."
Its gross commercial aircraft orders increased to 856 this year, with net orders of 647 after cancellations. The European manufacturer now has an order backlog of 7,294 commercial aircraft at the end of September 2022.
Meanwhile, Mr. Faury has also given an update on the expected entry into service (EIS) of its A321XLR. Airbus had hoped that the airliner would enter service in 2023. In May, it was announced that this would be pushed back to early 2024.
Three prototypes are now taking part in the test certification program. However, the European Union Aviation Safety Agency (EASA) has asked Airbus to look at potential fire risks posed by the aircraft's additional fuel tank, delaying the EIS to the second quarter of 2024
The manufacturer also added that its A320neo family production rate is on track to meet its target of 65 aircraft per month by early 2024, rising to 75 in 2025. In the statement, Airbus said, "The groundwork continues throughout all sites to secure rate 75 and adapt to the higher proportion of A321s in the backlog, ensuring all A320 Family Final Assembly Lines become A321 capable."
Featured Image: A320neo family production is now back on track to meet its target of 65 airframes per month by 2024. Photo: Alberto Cucini/Airways.
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