A350 Lifts Airbus 2Q Results; We Love the Fundamentals but Shares Are Fully Valued
Solid execution, working through launch pricing, and the introduction of the 1000 variant on the A350 program enabled Airbus to double its adjusted EBIT year over year this quarter to EUR 1.15 billion. The company’s other businesses also registered year-over-year margin expansion but due to Airbus’ dominance--which has increased to 75% of revenue--we calculate that defence and space and helicopters only accounted for about 12% of profit growth in the quarter. Airbus closed the C Series acquisiti...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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