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Airbus Q3 earnings down 4%

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Europe's Airbus said on Tuesday third-quarter earnings fell by a sightly narrower-than-expected 4 per cent on lower aircraft deliveries and reaffirmed its forecasts as the fallout from an internal compliance review widened to the US.

[PARIS] Europe's Airbus said on Tuesday third-quarter earnings fell by a sightly narrower-than-expected 4 per cent on lower aircraft deliveries and reaffirmed its forecasts as the fallout from an internal compliance review widened to the US

The world's second-largest planemaker after Boeing posted quarterly core operating earnings of 697 million euros (S$1.1 billion), while revenues rose 2 per cent to 14.244 billion euros.

Markets had expected a weak quarter due to delays in commercial aircraft and a build-up of inventory.

Analysts on average expected third-quarter adjusted operating profit down 5.6 per cent at 690 million euros on revenues up 1.8 per cent at 14.2 billion euros, according to a Reuters survey.

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Airbus said it was too early to predict the size of any fines resulting from ongoing corruption problems in the UK and France concerning the use of commissions in airplane sales, which have also triggered a sweeping internal investigation.

But it said it had now discovered inaccuracies in past declarations to the US State Department under part 130 of the US International Traffic in Arms Regulations (ITAR). The legislation concerns political contributions, fees and commissions.

REUTERS

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