EADS Doubles First Quarter Profit
Published: May 16, 2012
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.