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Airbus Group Q3 core profit rises 12%, hikes jet output

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Airbus Group posted a 12 per cent increase in third-quarter operating profit before one-off items to 921 million euros (US$1.01 billion) and confirmed an increase in production of its A320 jetliner to 60 planes a month from 2019.

[PARIS] Airbus Group posted a 12 per cent increase in third-quarter operating profit before one-off items to 921 million euros (US$1.01 billion) and confirmed an increase in production of its A320 jetliner to 60 planes a month from 2019.

Europe's largest aerospace group said on Friday that quarterly revenue grew 6 per cent to 14.072 billion euros and confirmed its annual targets, while launching a new 1 billion euro share buyback to be completed by mid-2016.

Analysts were on average expecting quarterly operating income before one-offs of 768 million euros on revenue of 13.867 billion, according to a Reuters survey Reuters had reported on Thursday that the company was set to announce an increase in output of its most popular jet, a key source of cash for funding new developments "The healthy commercial aircraft market, robustness of our backlog and supply chain capability allows us to raise the single-aisle production rate to 60 a month in mid-2019," Chief Executive Tom Enders said in a statement.

Airbus said the industrial ramp-up of its new A350 mid-sized wide-body jet was progressing, but remained "challenging," and reaffirmed plans to break even on the A380 superjumbo this year.

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It also reiterated plans to certify and deliver its smaller A320neo, an upgrade of the best-selling narrowbody model, in the fourth quarter despite "several" interruptions to flight tests due to problems with its new Pratt & Whitney engine.

REUTERS

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