CORE profit at Airbus parent EADS rose sharply in the first quarter after the passenger jet maker yesterday raised output of its most profitable planes, eclipsing weakness at EADS’s helicopter division.
Revenue at Europe’s largest aerospace group rose nine per cent to €12.4bn (£10.5bn), fuelled by a 16 per cent rise in Airbus commercial revenues as it reclaimed the top spot in deliveries after falling behind Boeing in 2012.
The slightly better than expected performance confirmed an improving outlook for aerospace companies after Boeing beat profit forecasts, marking a rare bright spot in the economy as plane manufacturers ramp up output to meet strong demand from Asia and the Middle East.
Operating profit before one-off items – a measure stripping out any major project charges or currency swings – rose 56 per cent to €741m, the group said in a statement. Reported operating profit, which still excludes goodwill and some exceptional items, rose almost 79 per cent to €596m, slightly above forecasts.
City A.M. Reporter