Airbus takes new hit for A400M as core profit beats forecasts
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Paris: European aerospace group Airbus took a new €1 billion ($1.1 billion) charge for its troubled A400M military aircraft programme as it posted higher than expected core earnings and revenues for 2016.
The company, reporting for the first time as Airbus and with a new financial format after ditching the Airbus Group brand in a revamp that recognizes the dominance of its civil business, said “adjusted” operating income fell 4% to €3.955 billion on revenues which rose 3% to 66.581 billion.
Its results had been buoyed by a last-minute surge in civil jetliner deliveries.
Analysts were on average expecting a 7.3% drop in full-year operating earnings before one-offs to €3.83 billion on sales up 0.7% to 64.919 billion. Reuters