PARIS (Reuters) – Airbus posted weaker than expected first-quarter operating profit and cashflow after hiring more staff to prepare for rising aircraft demand, but reaffirmed its financial goals for 2024 after a nervous start to the year on industrial costs.
The world’s largest planemaker also announced a higher output target for its wide-body A350 model, of 12 a month in 2028, amid a renaissance in demand for long-haul jets.
Airbus reported 577 million euros in adjusted operating profit, down 25% on the year, revenue of 12.83 billion and a free cash outflow of 1.8 billion euros. Analysts were on average expecting operating profit of 789 million euros and an outflow of 1.3 billion euros, according to a company-compiled survey.
(Reporting by Tim Hepher; Editing by Kirsten Donovan)
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