TOULOUSE, FRANCE — The European aircraft manufacturer Airbus reported consolidated financial results for the nine months ended 30 September 2022.
"Airbus delivered a solid nine-month 2022 financial performance in a complex operating environment," said Guillaume Faury, Airbus Chief Executive Officer.
"The supply chain remains fragile resulting from the cumulative impact of COVID, the war in Ukraine, energy supply issues, and constrained labor markets. Our strong focus on cash flow and the favorable dollar/euro environment have enabled us to raise our free cash flow guidance for 2022. The commercial aircraft delivery and earnings targets are maintained. Our teams are focused on our key priorities and in particular, delivering the commercial aircraft ramp-up over the coming months and years," Faury continued.
Gross commercial aircraft orders increased to 856 (9m 2021: 270 aircraft), with net orders of 647 aircraft after cancellations (9m 2021: 133 aircraft). The order backlog amounted to 7,294 commercial aircraft at the end of September 2022. Airbus Helicopters registered 246 net orders (9m 2021: 185 units), with bookings well spread across programs.
Consolidated revenues increased to € 38.1 billion (9m 2021: € 35.2 billion). A total of 437(1) commercial aircraft were delivered (9m 2021: 424(2) aircraft), comprising 34 A220s, 340 A320 Family, 21 A330sand 42 A350s(2). Revenues generated by Airbus' commercial aircraft activities increased 8 percent year-on-year, mainly reflecting the higher number of deliveries, including a favorable mix and the strengthening of the US dollar. Airbus Helicopters delivered 193 units (9m 2021: 194 units), with revenues rising by 9 percent, mainly reflecting growth in services and a favorable mix in programs.
Consolidated EBIT Adjusted – an alternative performance measure and key indicator capturing the underlying business margin by excluding material charges or profits caused by movements in provisions related to programs, restructuring, or foreign exchange impacts as well as capital gains/losses from the disposal and acquisition of businesses – increased slightly to € 3,481 million (9m 2021: € 3,369 million).
EBIT Adjusted related to Airbus' commercial aircraft activities increased to € 2,875 million (9m 2021: € 2,739 million). It included the non-recurring positive impact from retirement obligations recorded in Q1, partly offset by the impact from international sanctions against Russia. It also reflects a less favorable hedge rate compared to 9m 2021.
On the A320 Family program, production is progressing towards a monthly rate of 65 aircraft in early 2024 and 75 in 2025. The groundwork continues throughout all sites to secure rate 75 and adapt to the higher proportion of A321s in the backlog, ensuring all A320 Family Final Assembly Lines become A321 capable.
Preparation for the upgrade of the second A320 FAL in Toulouse is underway. All three test A321XLRs have now flown, with the aircraft's entry-into-service expected to take place in Q2 2024. On widebody aircraft, the Company is exploring, together with its supply chain, the feasibility of further rate increases to meet growing market demand as international air travel recovers.
