Airbus Swung to Loss in Second Quarter on Coronavirus Hit
July 30 2020 - 01:22AM
Dow Jones News
By Olivia Bugault
Airbus SE said early Thursday that it swung to a net loss in its
second quarter and it still can't provide a guidance for the
year.
Net loss at the European plane maker was 1.44 billion euros
($1.70 billion), compared with net profit of EUR1.16 million a year
earlier, while revenue fell 55% to EUR8.32 billion.
Analysts expected sales to come in at EUR8.31 billion, according
to a consensus estimate provided by FactSet.
"The impact of the Covid-19 pandemic on our financials is now
very visible in the second quarter, with 1H commercial aircraft
deliveries halving compared to a year ago," Airbus Chief Executive
Guillaume Faury said.
At the end of June, roughly 145 commercial aircraft couldn't be
delivered because of the public-health crisis, the company
said.
Airbus's more closely watched adjusted earnings before interest
and taxes also swung to a loss of EUR1.23 billion.
Airbus reported free cash outflow before merger and acquisition
and customer financing of EUR4.4 billion in its second quarter.
The Toulouse, France-based company said it still won't issue a
new guidance for the year as visibility remains low.
Write to Olivia Bugault at olivia.bugault@wsj.com
(END) Dow Jones Newswires
July 30, 2020 01:07 ET (05:07 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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