Airbus Group's decreasing R&D levels and increasing aircraft deliveries will drive margins higher.
Narrow-moat Airbus Group reported third-quarter results that featured significant headwinds due to lower-than-planned deliveries, but the stock rallied. We think the market was expecting a guidance downgrade and/or bad news on A350 and A320neo production. However, management confirmed its previous 2016 guidance, and while the tone was cautious, we thought it was more positive this quarter. We also believe the company’s challenges, except for the A400M program, represent supplier problems rather ...Airbus is an European Aeronautic Defense and Space company whose core business is the manufacturing of commercial aircraft, civil and military helicopters, commercial space launch vehicles, missiles, military aircraft, satellites and defense systems and defense electronics and the rendering of services related to these activities. Co. organizes its businesses into the following five operating divisions: Airbus Commercial, Airbus Military, Eurocopter, Cassidian and Astrium. In addition, Co.'s Other Businesses division engages in the development, manufacturing, marketing and sale of regional turboprop aircraft and aircraft components.
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