Airbus has posted a rise in its revenue to €12.55 billion for the first quarter of 2019, up from €10.1 billion last year, which the company has attributed to increased deliveries of commercial aircraft.
The French firm delivered 162 commercial aircraft in the quarter, 25% more than this time last year. Adjusted consolidated EBIT rose to €549 million, up from €14 million in the same period of 2018. Airbus took a €190 million hit - which rose to €297 million with foreign exchange charges - due to a decision by the German government to suspend defence export licences to Saudi Arabia. The manufacturer also booked a €61 million cost related to the closure of the A380 programme. As a result of this and R&D expenses, Airbus' consolidated net income was €40 million compared to €283 million in Q1 2018.
Orders for the quarter were impacted by the cancellation of the A380. Gross commercial aircraft orders totalled 62 compared to 68 aircraft in Q1 2018, while net commercial aircraft orders were down to -58 after 120 cancellations mainly reflect the winding down of the A380 programme and the commercial agreement with Etihad.
A total of 96 A320neo Family aircraft were delivered in the quarter. Airbus states that it is working to improve execution in its internal industrial systems and monitoring engine performance, adding that the overall A320 Family programme is on track to reach 60 aircraft per month by mid-2019 and preparing for rate 63 in 2021.
Chief executive Guillaume Faury, who stepped in at the end of last month to replace Tom Enders, said: “The first quarter underlying financials mainly reflect our commercial aircraft ramp-up and delivery phasing. The commercial aircraft market remains robust and we continue to see good prospects in the helicopters and defence and space businesses. The new management team is in place and focused on delivering on our commitments.”