2008-05-18 - EADS resultsEADS reports profit for first quarter
Gewinn im ersten Quartal<br /> "Though many serious challenges have been overcome there remains much to do in order to secure the significant and lasting improvement in operational performance we are targeting. But first quarter results are encouraging in that respect," said EADS CEO Louis Gallois.
"Implementation and execution of Power8 is underway and we will look into further measures beyond. With regard to our long-term strategic plan Vision 2020, we have achieved first tangible successes: The US tanker selection and our recent acquisition in the US support us in our aim to balance both our global footprint and our business portfolio. We are determined to build on that encouraging start and are looking to make further advances in transforming our business."
Revenues grew by 10 percent to Euro 9.9 billion (Q1 2007: 8.9 billion), fuelled by higher Airbus deliveries (123 units incl. two A380s versus 115 aircraft in the same period of the previous year) and increased volumes at Eurocopter, EADS Astrium and Defence & Security. The Military Transport Aircraft Division contributed significantly to the growth thanks to a milestone revenue recognition in the A400M programme, which had been shifted from 2007. EADS' EBIT (pre goodwill and exceptionals) for the first quarter 2008 reached 769 million (Q1 2007: 88 million). It benefited from improvements across all Divisions. Thanks to a strong operational performance and achievement of Power8 targets, Airbus and Defence & Security secured the largest EBIT growth compared to the first quarter of 2007 when Airbus' EBIT in particular was heavily burdened by Power8 restructuring. Additionally, in the first three months of 2008, Group EBIT benefited from a temporary excess volume of matured hedges compared to the economic exposure, overcompensating a less favourable hedge rate compared to the same period of the previous year.
In line with the Group's EBIT* development, EADS improved its Net Income to 285 million (Net Loss Q1 2007: 10 million), or earnings per share of 0.35 (loss per share Q1 2007: 0.01). Self-financed R&D expenses remained roughly stable at 534 million (Q1 2007: 549 million), but are expected to grow over the full year mainly in the context of Airbus' aircraft development programmes, especially for the A350 XWB.