Airbus 3rd-quarter earnings grow despite supply chain woes

Oct 28, 2022, 3:12 AM | Updated: 3:17 am

TOULOUSE, France (AP) — Airbus reported Friday that earnings grew in the third quarter and revenue rose through the first nine months of 2022 as it benefited from a strong U.S. dollar despite supply chain issues.

The Toulouse, France-based company said it has delivered 437 commercial aircraft so far this year and is maintaining its outlook to deliver about 700 through the end of 2022.

CEO Guillaume Faury cited a “complex operating environment” even as profit surged 64% in the July-September period, to 634 million euros ($630 million) from 385 million euros in the same three months of 2021.

“The supply chain remains fragile resulting from the cumulative impact of COVID, the war in Ukraine, energy supply issues and constrained labor markets,” Faury said in a prepared statement. But he pointed to benefits from “our strong focus on cash flow” and the U.S. dollar strengthening in value against the euro.

Profit for the first nine months of the year shrank 4%, to 2.48 billion euros. It follows Airbus’ net income plunging in the second quarter, leading the company to scale back production targets.

Revenue so far this year rose to 38.1 billion euros from 35.15 billion euros in the first nine months of 2021. Airbus said the growth largely reflected a higher number of deliveries and the the strong dollar.

Despite higher earnings, Airbus faces big challenges.

A trial began this month against the plane manufacturer and Air France on charges of manslaughter over a 2009 crash that killed 228 people on a flight from Rio de Janeiro to Paris. The companies, which say they are not criminally responsible for the crash, face potential fines of up to 225,000 euros. That is a fraction of their annual revenue, but they could see damage to their reputations if found criminally responsible.

This week, Airbus rival Boeing reported a surprising $3.3 billion loss for the third quarter as revenue fell short of expectations and it took huge losses for fixed-cost government programs including new Air Force One presidential jets.

Boeing blamed higher manufacturing and supply chain costs for driving the losses in government programs.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

Associated Press

Estonia to buy U.S. rocket artillery system in $200M deal

HELSINKI (AP) — NATO member and Russia’s neighbor Estonia is boosting its defense capabilities by acquiring an advanced U.S. rocket artillery system in the Baltic country’s largest arms procurement project ever, defense officials said Saturday. A deal signed Friday for the High Mobility Artillery Rocket System is worth more than $200 million and includes equipment […]
5 hours ago
Migrant workers with their belongings leave a barricaded village after authorities' easing of COVID...
Associated Press

Beijing, Shenzhen scrap COVID-19 tests for public transport

BEIJING (AP) — Chinese authorities on Saturday announced a further easing of COVID-19 curbs with major cities such as Shenzhen and Beijing no longer requiring negative tests to take public transport. The slight relaxation of testing requirements comes even as daily virus infections reach near-record highs, and follows weekend protests across the country by residents […]
5 hours ago
A police officer tries to keep the roadway clear as people come to view the Mauna Loa volcano as it...
Associated Press

Molten lava on Hawaii’s Big Island could block main highway

HILO, Hawaii (AP) — Many people on the Big Island of Hawaii are bracing for major upheaval if lava from Mauna Loa volcano slides across a key highway and blocks the quickest route connecting two sides of the island. The molten rock could make the road impassable and force drivers to find alternate coastal routes […]
5 hours ago
Associated Press

US condemns shooting at Pakistan’s embassy in Afghanistan

ISLAMABAD (AP) — The U.S. on Saturday condemned an attack a day earlier on the Pakistani embassy in Afghanistan’s capital, in which a senior Pakistani diplomat escaped unhurt but one of his Pakistani guards was wounded, sending a wave of anger in this Islamic nation. Friday’s assault comes amid rising tensions between the South Asian […]
5 hours ago
FILE - Residents queue at a bank branch in Kherson, southern Ukraine, Nov. 21, 2022. Even as Ukrain...
Associated Press

EXPLAINER: Can Ukraine pay for war without wrecking economy?

FRANKFURT, Germany (AP) — Even as Ukraine celebrates recent battlefield victories, its government faces a looming challenge on the financial front: how to pay the enormous cost of the war effort without triggering out-of-control price spikes for ordinary people or piling up debt that could hamper postwar reconstruction. The struggle is finding loans or donations […]
5 hours ago
Members of the Korean Confederation of Trade Unions shout slogans during a rally against the govern...
Associated Press

Thousands protest in South Korea in support of truckers

SEOUL, South Korea (AP) — Thousands of demonstrators representing organized labor marched in South Korea’s capital on Saturday denouncing government attempts to force thousands of striking truckers back to work after they walked out in a dispute over the price of freight. There were no immediate reports of injuries or major clashes from the protests […]
5 hours ago

Sponsored Articles

...
Day & Night Air Conditioning, Heating and Plumbing

Prep the plumbing in your home just in time for the holidays

With the holidays approaching, it's important to know when your home is in need of heating and plumbing updates before more guests start to come around.
(Photo via MLB's Arizona Fall League / Twitter)...
Arizona Fall League

Top prospects to watch at this year’s Arizona Fall League

One of the most exciting elements of the MLB offseason is the Arizona Fall League, which began its 30th season Monday.
...
Children’s Cancer Network

Children’s Cancer Network celebrates cancer-fighting superheroes, raises funds during September’s Childhood Cancer Awareness Month

Jace Hyduchak was like most other kids in his kindergarten class: He loved to play basketball, dress up like his favorite superheroes and jump as high as his pint-sized body would take him on his backyard trampoline.
Airbus 3rd-quarter earnings grow despite supply chain woes