EADS Doubles First Quarter Profit

 

EADS on Wednesday reported a doubling of first-quarter operating profit to EUR€480 million (USD$613.2 million).

The result was buoyed by resilient demand for commercial aircraft and civil helicopters.

Revenue climbed 16 percent to EUR€11.4 billion.

Airbus parent EADS took a charge of EUR€158 million (USD$200.6 million) connected with wing component cracks on the A380 superjumbo.

Europe’s largest aerospace company said it had found a solution to recent cracks on components inside the wings of the world’s largest passenger jet, but said the work was more complicated than first thought, prompting the provision.

It maintained a delivery target of 30 A380s in 2012, noting this was becoming “more challenging”, while warning work on the wings would eat into the reduction of A380 losses in 2012-13.

EADS maintained its financial objectives for 2012.

(Reuters)



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