Airbus reaffirms 2024 goals despite Q1 results below expectations

EASA's directive is looking into the batteries of stored Airbus aircraft
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Airbus has reaffirmed its goals for 2024, regardless of first-quarter results that fell below expectations.

“We delivered first quarter 2024 results against the backdrop of an operating environment that shows no sign of improvement,” commented Guillaume Faury, Airbus’ Chief Executive Officer. “Geopolitical and supply chain tensions continue.”

Despite these challenges, Airbus has decided to increase the monthly production rate of the A350 to 12 aircraft by 2028, responding to the dynamics of the wide-body segment.

For the three-month period ending in March 2024, the group’s revenue rose by 9% year-on-year, reaching €12.8 billion. The civilian aerospace division generated a revenue of €9.2 billion, up 13% year-on-year. This was primarily driven by increased aircraft deliveries, totaling 142 units in the first quarter.

Adjusted operating profit (EBIT) declined by 25% in the first quarter to €577 million, while net profit grew by 28% to €595 million.

The group also reported a negative free cash flow, before customer financing, of €1.79 billion, compared to a negative €876 million in the first quarter of 2023.

This year, Airbus still aims to deliver nearly 800 aircraft and achieve an adjusted EBIT of between €6.5 billion and €7 billion. Concurrently, the group plans to generate a free cash flow, before customer financing, of approximately €4 billion.

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