Airbus profit plunges amid the gravest crisis in the aerospace industry
Earnings in the commercial aircraft sector have fallen by more than 80%
Stocks impacted: Airbus (AIR)
Europe's largest aerospace group posted a 49% slump in first-quarter adjusted operating profit to 281 million euros ($304.7 million). The company reported a net loss of 481 million euros ($522 million), compared to a profit of 40 million euros in the same period last year. Revenue dropped 15% to 10.631 billion euros. Furthermore, Airbus’s first-quarter earnings in the commercial aircraft sector have fallen by more than 80%. As the planemaker’s chief executive Guillaume Faury noted, they are now “in the midst of the gravest crisis the aerospace industry has ever known”. Airbus said it will continue to focus on cash preservation over the coming quarters and will be reducing cash outflows. The group’s stocks were trading nearly 1.5% lower following the report.
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