Europe-based global major aerospace group Airbus has reported “solid” results for the first quarter of this year (Q1 2022), which ended on March 31. It accrued revenues totalling €12-billion, which was a year-on-year increase of 15%. Reported earnings before interest and taxes (Ebit) came to €1.4-billion, while adjusted Ebit was €1.3-billion. Free cash flow, before merger and acquisition (M&A) and customer financing activities, was €213-million.
Gross orders for the group’s commercial aircraft came to 253 in Q1 2022, in comparison to just 39 during the same period last year (Q1 2021). However, order cancellations meant that net orders during this year’s first quarter amounted to 83. But during Q1 2021, cancellations had resulted in net orders of minus 61! The order backlog for commercial aircraft stood, on March 31 2022, at 7 023.
“These Q1 results reflect a solid performance across our commercial aircraft, helicopter and defence businesses,” affirmed Airbus CEO Guillaume Faury. “Our 2022 guidance is unchanged, even though the risk prolife for the rest of the year has become more challenging due to the complex geopolitical and economic environment. Looking beyond 2022, we see continuing strong growth in commercial aircraft demand driven by the A320 [single-aisle] family. As a result, we are now working with our industry partners to increase A320 family production rates further to 75 aircraft a month in 2025. This ramp-up will benefit the aerospace industry’s global value chain.”
Airbus Helicopters recorded 56 net orders in Q1 2022, in comparison to 40 during Q1 2021. It also won a contract to upgrade Tiger attack helicopters to the latest, Mark III, version.
Over the same period, Airbus Defence and Space booked orders worth €3.2-billion. This figure includes the contract (signed in February) to develop the Eurodrone medium altitude long endurance uncrewed air vehicle for France, Germany, Italy and Spain. For comparison, during Q1 2021, this subsidiary had garnered orders worth €2-billion.
The group reaffirmed its guidance, issued in February, for its expected performance for the whole of this year. Assuming no M&A activity, Airbus expected to deliver 722 commercial aircraft, and achieve an adjusted Ebit of €5.5-billion and a free cash flow (before customer financing) of €3.5-billion.