Airbus says net profit rose 22%, maintains production targets

FILE PHOTO: Logos of Airbus are seen at the Milipol Paris, the worldwide exhibition dedicated to homeland security and safety, in Villepinte near Paris, France, November 15, 2023. REUTERS/Sarah Meyssonnier/File Photo

Paris, France — Airbus’s net profit rose 22 percent to 983 million euros ($1.1 billion) in the third quarter, the European plane-maker said Wednesday as it maintained its production targets.

Revenue rose five percent in the quarter to 15.7 billion euros.

Airbus has delivered 497 planes since the start of the year, and left unchanged its forecast of delivering 770 aircraft for the full year, despite some problems with its suppliers.

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“We are constantly adapting to a complex and fast-changing operating environment marked by geopolitical uncertainties and specific supply chain challenges that have materialized in the course of 2024,” Director General Guillaume Faury said in a communique.

“We remain focused on our priorities, including ramping up commercial aircraft deliveries and transforming our Defence and Space division,” he said.

Airbus on October 16 said it would cut 2,500 jobs by mid-2026 in its satellite division, which has been performing poorly.

Wednesday’s positive third-quarter results come after it took an almost one billion euro writedown for its space activities in the first half, which cut its net profit in half.

Airbus said production of its A320 family of single-aisle passenger jets will ramp up towards 75 aircraft per month in 2027, and the A220 towards monthly production of 14 aircraft in 2026.

For wide-body aircraft, the company is producing about four A330 aircraft a month while it is targeting 12 A350s a month by 2028.

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Separately, the Airbus board said it will ask shareholders at next year’s annual general meeting to extend Faury’s mandate.

Faury was appointed to his position in April 2019 and then reappointed in 2022, after having been head of the commercial aircraft division.

The company also said it will replace Christian Scherer as head of its flagship commercial airline unit at the start of 2026 with Lars Wagner, currently head of German plane engine maker MTU Aero.

In a conference call with reporters, Faury said that by lining up Scherer’s successor ahead of time, Airbus was “removing uncertainties and defining the way forward.”

Scherer “is doing a great job in the current set of challenges,” he said.