EADS reports better-than-expected earnings
EADS, parent of aircraft maker Airbus, said on Wednesday it had returned to profit in the first quarter, beating forecasts for both earnings and sales.
By Agencies |
PARIS: European aerospace group EADS, parent of aircraft maker Airbus, said on Wednesday it had returned to profit in the first quarter, beating forecasts for both earnings and sales.
EADS, which only Tuesday had to announce further delays in its flagship A380 superjumbo project, reported a three months to March net profit of 285 million euros (439 million dollars) after a year-earlier loss of 10 million euros.
Sales rose to 9.85 billion euros from 8.98 billion euros. Analyst forecasts were for a net profit of 246 million euros with sales at 8.94 billion euros.
The company said the results were driven "by higher Airbus deliveries and increased volumes at Eurocopter, EADS Astrium and Defence and Security."
"Despite a difficult economic environment and a weak US dollar, the group continued to experience strong business momentum in the first quarter of 2008," EADS said.
The aerospace and defence group confirmed forecasts for 2008 earnings before interest and tax of more than 1.8 billion euros on sales of more than 40 billion euros based on a euro exchange rate of 1.45 dollars.
The company, which has complained bitterly about the impact of a strong euro on its exports, said that compared to first quarter 2007, the falling dollar had had a negative impact of some 360 million euros on its latest results.
EADS, which only Tuesday had to announce further delays in its flagship A380 superjumbo project, reported a three months to March net profit of 285 million euros (439 million dollars) after a year-earlier loss of 10 million euros.
Sales rose to 9.85 billion euros from 8.98 billion euros. Analyst forecasts were for a net profit of 246 million euros with sales at 8.94 billion euros.
The company said the results were driven "by higher Airbus deliveries and increased volumes at Eurocopter, EADS Astrium and Defence and Security."
"Despite a difficult economic environment and a weak US dollar, the group continued to experience strong business momentum in the first quarter of 2008," EADS said.
The aerospace and defence group confirmed forecasts for 2008 earnings before interest and tax of more than 1.8 billion euros on sales of more than 40 billion euros based on a euro exchange rate of 1.45 dollars.
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The company, which has complained bitterly about the impact of a strong euro on its exports, said that compared to first quarter 2007, the falling dollar had had a negative impact of some 360 million euros on its latest results.
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