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22 February 2024

Airbus' improved earnings clouded by plane troubles

Photo: Reuters


European planemaker Airbus says its earnings improved last year but it was hindered by further problems, both to its long-troubled military aircraft program as well as more recent engine problems on its single-aisle models.

The company said Thursday that it surged to a profit of 1 billion euros ($1.25 billion) in the fourth quarter, from a loss of 816 million euros a year earlier, while revenue was stable around 23.8 billion euros. For the full year, net income almost tripled to 2.9 billion euros.

Airbus took another charge of 1.3 billion euros on its A400 military plane and acknowledged struggles with engines supplied by Pratt & Whitney for the A320neo plane. The company said that a new issue has arisen recently with those engines, and it could impact 2018 deliveries.