Airbus Group : A solid underlying trend in Q3 2023 and a reassuring message on future delivery flows
>A solid Q3 for Airbus Commercial (3.5% above the consensus) masked by one-offs - Whilst at first glance Q3 comes in 9.4% below forecasts with adjusted EBIT at € 1,013m (ODDO BHF: € 1,238m, consensus: € 1,142m) for sales of € 14.9bn, this was solely due to an exceptional charge that we estimate at c.€ 0.3bn at the D&S division in order to update the cost of a number of satellite development programmes. Excluding this element, the Q3 performance was solid, in our view...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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