EADS reports robust deliveries in first quarter
EADS sees a gradually improving commercial environment and reports robust deliveries across all businesses throughout the first quarter. Revenues stood at € 9.0 billion.
The EBIT before one-off amounted to € 0.15 billion thanks to good performance in Airbus legacy programmes as well as space and defence activities. It was weighed down by A380 and hedge deterioration. EADS’ EBIT amounted to € 83 million after exceptional foreign exchange effects.
The order intake of € 14.4 billion reflects improving commercial momentum in a challenging market environment. The Group’s order book of € 416 billion provides a solid platform for future deliveries. EADS’ Net Cash position of € 8.8 billion remains a strong asset.
“I am cautiously optimistic that our industry is slowly on its way back up. Economic indicators signal a recovery trend of the global economy. This has a clear positive impact on air traffic. But recent turbulence on the financial markets also reminds us that the crisis is not yet fully behind us. Volatility is still high, particularly due to the weakness of some Euro-zone economies. Due to the corresponding strengthening of the Dollar, EADS should benefit in the mid- and long-term if the Dollar trend is confirmed”, said Louis Gallois, CEO of EADS.
In the first three months, EADS’ revenues increased to € 9.0 billion (Q1 2009: € 8.5 billion), supported by a combination of higher volume and a favourable mix on commercial aircraft deliveries at Airbus (119 units with revenue recognition compared to 116 in Q1 2009). Moreover, Eurocopter, Astrium and Other Businesses contributed positively.
Net Income amounted to € 103 million (Q1 2009: € 170 million), or earnings per share of € 0.13 (earnings per share Q1 2009: € 0.21). This reduction was driven by the EBIT deterioration. Self-financed Research & Development (R&D) expenses slightly increased to € 572 million (Q1 2009: € 562 million), mainly due to higher activities at Defence & Security.