Plane maker Airbus upholds full-year targets as quarterly profit rises

The world’s largest plane maker said its widely-watched adjusted operating profit rose 39% to €1.407-billion in the quarter as revenues rose 5% to €15.689 billion

Airbus maintained its full-year targets as it posted higher-than-expected third-quarter core profit and revenues on Wednesday, and said it planned to extend its CEO ’s time at the helm.

Demand for profitable models and a lack of charges during the quarter for its troubled space business lifted Airbus’ results. “I consider Lars Wagner one of the strongest executives in the industry,” Faury said in a call with journalists, adding that the change is not a negative reflection on Scherer.

Airbus took no new charges for its satellites business after €1.5-billion of charges in recent quarters but it has indicated that more could follow as it digs further into losses in satellites, particularly for its troubled OneSat project.

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