EADS raised its targets for 2011 Thursday in the wake of quarterly earnings well above expectations, despite a provision, widely anticipated, 200 million for the program's long-haul Airbus A350, which commissioning is delayed in the first half 2014.
The title of the European Group aerospace and defense allows itself to 5.21% to 21.05 euros 13:20, leading largely increases in the CAC 40 in respect to grow to nearly 21% since the beginning of the year against a decline of 18% for the benchmark index of the Paris Bourse.
EADS raised its forecast for annual EBIT before items of $ 1.3 billion to about 1.45 billion euros, which has already garnered $ 1.1 billion over nine months. He also confirmed that it plans to improve significantly in 2012 due to higher volumes and improved price and performance of the A380, a jetliner.
"I am confident that the commercial aviation market will support our growth in the coming years despite the worsening macroeconomic conditions, particularly in Europe," said Chief Financial Officer Hans Peter Ring, when to a conference call.
"Half of our order book is in parts of the world in growth, not in Europe or the United States (...) So unless there is a huge double-deep recession, we believe it's manageable for us. "
Analysts expected a provision on the A350, including the commissioning of the plant version (A350-900) was scheduled for late 2013. But they feared higher and is also offset by a gain of 192 million euros related to the end of the A340 program.
"We are already trying for some time to limit the risks of the program (A350) both in terms of costs and customers (...), which is why we were able to contain the provision in a limited amount" said Hans-Peter Ring.
He said the postponement of the program, starting the final assembly line is now scheduled for the first quarter of 2012 instead of late 2011, due to delays in the delivery of key components and shortages in some parts parts.
The other two versions of the model, the smallest and most had already been rejected in June. (See)
The group also plans to greatly exceed the whole of this year's goal of one billion euros of free cash flow before investment in acquisitions.
Net cash from acquisitions has improved further in the third quarter, reaching 11.4 billion at September 30, against 11.0 billion at end June
Order intake increased by 63% over nine months and the backlog reached a record 503 billion euros at the end of September.
The annual turnover of the group is expected to grow by just over 4% compared to 45.8, billion recorded in 2010.
OPERATING PROFIT IN UNEXPECTED AIRBUS
In the third quarter, EADS generated an operating profit (EBIT) of € 322 million, a net profit of 312 million and a turnover of 10.751 billion.
Nine analysts surveyed by Inquiry Financial Europe on average expected EBIT of 51 million, a net loss of 34.6 million and a turnover of 10.370 billion.
Airbus has emerged over the period July-September operating profit of 93 million, against a loss of 133 million expected, having stabilized the costs of the A380, and a turnover of 7.099 billion (6.971 billion expected) .
EADS also noted in its 1000-1500 goal of gross orders in 2011, after having already earned 1,372 on the first ten months of the year. The group has particular the success of the single-aisle A320, which alone generated more than a thousand orders since January 1.
The manufacturer, which has delivered 418 units in January-October, confirmed its target of 520-530 commercial aircraft deliveries this year, including about 25 A380.
Its main competitor, Boeing, noted in late October its earnings target for 2011 after rising more than expected in earnings in the third quarter thanks to strong sales in civil aviation as a soldier.
