By Olivia Bugault

Airbus SE released its first-quarter results on Wednesday morning. Here's what you need to know:

SALES: Revenue for the first quarter fell 15% at 10.63 billion euros ($11.53 billion), broadly in line with analysts' expectations of EUR10.65 billion.

NET LOSS: The European plane maker swung to a net loss of EUR481 million during the period compared with a profit of EUR40 million during the same quarter last year.

WHAT WE WATCHED:

-CASH: Airbus reported negative free cash flow before merger and acquisitions and customer financing of roughly EUR8 billion, including a EUR3.6 billion fine part of a bribery case settlement. Credit Suisse had expected the company to burn around EUR10 billion.

-PRODUCTION RATE: Chief Executive Guillaume Faury said in a conference call that Airbus is not planning to slash its production rate further until June. If another cut is necessary, it will be smaller than the previous one, Mr. Faury specified. Airbus has slashed its production rate by roughly a third earlier this month.

-LACK OF OUTLOOK: Airbus said that it wasn't able to issue a guidance for 2020 due to the lack of visibility regarding the virus situation. Mr. Faury also confirmed that many airlines are asking for delivery postponements which makes it harder to issue a new delivery outlook.

Write to Olivia Bugault at olivia.bugault@wsj.com

(END) Dow Jones Newswires

April 29, 2020 06:12 ET (10:12 GMT)

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