Trending: Airbus Cuts Guidance
0940 GMT GMT - Airbus is among the most mentioned companies across news items over the past 12 hours, according to Factiva data. Shares in the European aircraft manufacturer plummeted Tuesday after it slashed its annual profit forecast and cut its plane-delivery target. Airbus now expects to deliver about 770 commercial aircraft this year, down from an initial target of about 800, and forecast adjusted earnings before interest of taxes of about 5.5 billion euros ($5.90 billion) against a prior outlook of EUR6.5 billion to EUR7 billion. Airbus said it would book a hit of around EUR900 million in its space operations after it carried out a technical review of its programs and identified various commercial and technical challenges. The update came as Airbus seeks to gain an advantage on its embattled U.S. rival, Boeing, which has suffered fatal crashes and similar production challenges since the pandemic. Airbus shares dropped more than 11%. Dow Jones & Co. owns Factiva. (adam.whittaker@wsj.com)
(END) Dow Jones Newswires
June 25, 2024 05:58 ET (09:58 GMT)
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