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Airbus sees profits decrease by more than half due to additional charges in space sector

Unlock the Editor’s Digest for free – Analysis of Airbus Profit Drop

Are you looking for a curated selection of top news stories delivered right to your inbox? Look no further than the Editor’s Digest, a weekly newsletter hand-picked by Roula Khalaf, Editor of the Financial Times. And the best part? You can now unlock the Editor’s Digest for free!

In the latest edition of the Editor’s Digest, one of the top stories featured is about Airbus, the European aerospace and defence group, reporting a sharp drop in second-quarter profits. The company faced challenges in its space business and supply chain issues, causing its adjusted operating profit to fall more than half to €814mn. Despite this, revenues rose marginally to €15.9bn.

Airbus recorded a charge of €989mn against its space business, higher than the initial estimate of €900mn. This led to a profit warning in June and a sharp sell-off in Airbus shares, impacting the company’s market value. Airbus CEO, Guillaume Faury, acknowledged the challenges faced by the company and is taking steps to address the issues in the space systems unit.

The commercial aircraft division of Airbus is also facing challenges with shortages of critical components, impacting delivery targets and production goals. The company has launched a cost-saving program called Project Lead to improve cost efficiency and meet the demand from airline customers.

Despite these challenges, Airbus remains committed to its new financial guidance for the full year, expecting adjusted earnings before interest and tax of €5.5bn and free cash flow of about €3.5bn.

Stay informed about these and other top news stories by unlocking the Editor’s Digest for free. Sign up now to receive Roula Khalaf’s favourite stories directly to your inbox every week. Don’t miss out on this valuable resource for staying up-to-date on the latest news and trends in the business world.

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