Airbus flies back to profit, raises full-year target

PARIS: European plane-maker Airbus said on Thursday it was again raising its full-year profit target after turning in a profit in the third quarter of this year.

Airbus, which said it has delivered 424 planes since the beginning of the year, said in a statement that it booked net profit of 404 million euros ($470 million) in the period from July to September, compared with a loss of 767 million euros a year ago.

Airbus said it also flew back into the black on its bottom line in the first nine months of 2021, when it turned in a net profit of 2.635 billion euros from a year-earlier loss of 2.686 billion euros.

“The nine-month results reflect a strong performance across the company, as well as our efforts on cost containment and competitiveness,” chief executive Guillaume Faury said.

“As the global recovery continues, we are closely monitoring potential risks to our industry,” Faury said.

“Based on our nine-month performance, we have updated our 2021 earnings and cash guidance. We are strengthening the balance-sheet to secure investment for our long-term ambitions,” he added.

Airbus said it now expects an operating profit of 4.5 billion euros in 2021, up from the four billion euros previously forecast.