Airbus posts sharply higher core profit and restarts dividend

[PARIS] Europe's Airbus predicted 720 plane deliveries and higher profits in 2022 after core operating profit almost trebled last year on a partial recovery in jet deliveries and higher defence and helicopter earnings during the pandemic.

Europe's largest aerospace group also restarted its dividend for the first time in 2 years after swinging to a record net profit of 4.2 billion euros (S$6.4 billion), boosted by the halting of its A380 superjumbo and a reversal of some Covid-19 charges.

Airbus said it would propose a dividend of 1.5 euros a share.

The group's widely watched adjusted operating profit soared to 4.9 billion euros from 1.7 billion euros a year earlier as revenues rose 4 per cent to 52.1 billion euros. For 2022, Airbus predicted a core profit of 5.5 billion euros. For the fourth quarter, Airbus posted 1.5 billion euros of adjusted operating income on revenues of 17 billion euros.

Analysts were on average expecting comparable income of 1.4 billion euros on revenues of 16.9 billion euros, according to a company-compiled consensus.

Airbus reaffirmed plans to raise production of its best-selling A320neo family.

Net cash rose more than 75 per cent to 7.6 billion euros, compared with a pre-crisis level of 12.5 billion euros. REUTERS