“The first quarter performance reflects the shortage of A320neo engines and back-loaded aircraft deliveries as we indicated in the full-year disclosure. This is clearly shown in the financials,” said Airbus Chief Executive Officer Tom Enders. “It's a challenging situation for all but based on the confidence expressed by the engine makers and their ability to deliver on commitments, we can confirm our full-year outlook. This still leaves us with plenty to do this year to reach the target of around 800 commercial aircraft deliveries.”
A total of 45 net commercial aircraft orders were received (Q1 2017: six aircraft) with gross orders of 68 aircraft including 20 A380s for Emirates Airline. The backlog by units totalled 7,189 commercial aircraft as of 31 March, 2018. Net helicopter orders increased to 104 units (Q1 2017: 60 units), including 10 H160s and 51 additional Lakota UH-72As for the US Army to bring the total orders in the programme above 450 helicopters.
Consolidated revenues totalled €10.1bn (Q1 2017: €11.4bn), mainly reflecting lower commercial aircraft and helicopter deliveries. Airbus deliveries totalled 121 commercial aircraft (Q1 2017: 136 aircraft), comprising 95 A320 Family, 8 A330s, 17 A350 XWBs and one A380. Airbus Helicopters delivered 52 units (Q1 2017: 78 units) with its revenues also reflecting the deconsolidation of services business Vector Aerospace in late 2017.
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 programmes, restructuring or foreign exchange impacts as well as capital gains/losses from the disposal and acquisition of businesses – totalled €14m (Q1 2017: €-19m).
Airbus' EBIT Adjusted of €-41m (Q1 2017: €-103m) mainly reflected the back-loaded aircraft delivery phasing, compensated by A350 improvements in both unit cost and price.
Airbus Helicopters' EBIT Adjusted was stable at €-3m (Q1 2017: €-6m), supported by the Division's transformation efforts compensating market softness.
Consolidated net income totalled €283m (Q1 2017: €409 million) with earnings per share of €0.37 (Q1 2017: €0.53) also including a positive impact mainly from the revaluation of certain equity investments. The finance result was €39m (Q1 2017: €-206m).
The consolidated net cash position on March 31, 2018 was €9.8bn (year-end 2017: €13.4bn) with a gross cash position of €20.9bn (year-end 2017: €24.6bn).