Airbus hit by problems in its jets and commercial helicopters divisions
Paris — Airbus Group has posted third-quarter profits that were lower than expected due led by a faltering performance in its core commercial jet division and continued weakness in the commercial helicopter market, but broadly maintained its 2016 outlook. Europe’s largest aerospace group, which includes the world’s second-largest jet maker behind Boeing, said on Wednesday quarterly operating profit before once-off items fell 21% to €731m and revenue 1% to €13.95bn. The commercial jets unit had a 26% drop in third-quarter profit despite 4% higher revenue with difficulties in the supply chain for its A350 and A320neo jets. Helicopter profit fell 29%. The results were below average forecasts, though the group sought earlier to dampen market concern as it ploughed through a tricky model transition. Analysts had on average forecast quarterly core operating earnings down 19.3% at €743m on revenue up 1.9%, according to a Reuters survey. But finance director Harald Wilhelm dismissed concern...
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