Airbus parent reports Q3 loss
By Emma Vandore |
November 17, 2009, Tuesday
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Print Edition
Print Edition
EADS, parent company of plane maker Airbus, said yesterday it lost 87 million euros (US$130 million) in the third quarter, due partly to the weak dollar, and warned that troubled aircraft programs could further weigh on earnings in the fourth quarter.
But the company said it expected demand in its key markets to improve in coming months.
The third-quarter loss, its first in two years, compares to a 679 million euro profit a year earlier.
EADS said it was unable to give a full-year forecast for earnings before interest and tax (EBIT) - the measure analysts watch most closely - because of "ongoing uncertainties on the magnitude of the potential" charges resulting from its A400M military transport airplane and its A380 superjumbo programs.
EBIT in the July-September period fell 77 percent to 201 million euros. Revenue was down 2 percent at 9.5 billion euros.
The company said it regretted the decision of South Africa to withdraw from the A400M program, canceling its order for eight aircraft.
CEO Louis Gallois also said the A380 program is "still a matter of concern" and the subject of production and financial reviews.
But the company said it expected demand in its key markets to improve in coming months.
The third-quarter loss, its first in two years, compares to a 679 million euro profit a year earlier.
EADS said it was unable to give a full-year forecast for earnings before interest and tax (EBIT) - the measure analysts watch most closely - because of "ongoing uncertainties on the magnitude of the potential" charges resulting from its A400M military transport airplane and its A380 superjumbo programs.
EBIT in the July-September period fell 77 percent to 201 million euros. Revenue was down 2 percent at 9.5 billion euros.
The company said it regretted the decision of South Africa to withdraw from the A400M program, canceling its order for eight aircraft.
CEO Louis Gallois also said the A380 program is "still a matter of concern" and the subject of production and financial reviews.
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