Third-quarter revenue at EADS gained 15% to €12.3 billion ($19.6 billion), lifting operating income (EBIT) by two-thirds to €537 million, while net income fell 1% to €309 million.
The Airbus and Eurocopter parent says it is on track to meet full-year profit expectations and deliver 580 commercial aircraft, including 30 A380s, but the quarter represents a slow-down in EADS's year-to-date performance, which saw revenue gain 14% to €37.3 billion, with EBIT up 82% to €1.61 billion and net income more than doubling, to €903 million.
At Airbus commercial, Q3 revenue gained 22% to €8.14 billion and EBIT more than trebled - up 223% - to €268 million. For the nine months to end-September, 403 aircraft were delivered for revenue recognition plus another two to operating lease.
Progress on the "challenging" in-development A350 XWB family remains steady, with both the static and initial flight-test aircraft, MSN1, are in assembly and power-on of the front fuselage has been achieved, it says.
However, it says the "supply chain performance remains challenging".
Backlog at the end of the quarter stood at €482 billion or 4,414 units, representing seven years of full production.
During the quarter EADS took a €76 million charge against its exposure to Hawker Beechcraft's closing of its jet business.
Revenues at Airbus Military dropped to €1.2 billion compared to €1.7 billion the year before, mainly due to lower income from the A400M and A330 MRTT programmes. First delivery of the A400M is still scheduled for the second quarter of 2013, with three further deliveries planned next year, it says.
At Eurocopter, revenue grew by 19% to €4.1 billion, driven mainly by higher rates of Super Puma deliveries, more business in the overhaul and repair market and the full effect of the consolidation of Vector Aerospace.
Net orders rose to 286, compared to 259 last year, although the overall order book shrank slightly to €13.3 billion from €13.8 billion the year before.
Astrium revenue grew to €3.9 billion on the back of the acquisition of Vizada and revenue at Cassidian was flat at €3.4 billion. During the quarter the latter division closed the acquisition of Rheinmetall Airbone Systems and finalised the purchase of a 75.1% stake in the Carl Zeiss Optronics business.
Source: Air Transport Intelligence news
