Economy

Airbus shows loss for 2019 following bribery settlement

Airbus shows loss for 2019 following bribery settlement”

Airbus reports a net loss of €1.36 billion in 2019 after being hit by a €3.6 billion euro fine over a bribery scandal.

The aerospace giant was hit by 3.6 billion euros in fines related to a corruption probe settlement.

-DELIVERY GUIDANCE: Airbus expects to deliver around 880 commercial aircraft this year, 17 more than in 2019. Revenue increased 11 per cent to €70.478 billion. "We delivered a strong underlying financial performance driven mainly by our commercial aircraft deliveries", Airbus chief executive officer Guillaume Faury said. That follows a 55 percent jump previous year, when Boeing rose just 1 percent after two fatal crashes involving the 737 MAX tipped the USA company into crisis. But production issues with the European group's own single-aisle A320 jet family may limit its ability to respond.

The group also announced a deal to buy Canadian group Bombardier's (BBDb.TO) remaining stake in the A220 jet program, part of a market for smaller passenger planes shaping up to be another major battleground with Boeing.

More news: Trevor Bauer destroys Rob Manfred over radical Major League Baseball postseason proposal

Airbus played down the potential damage from the virus outbreak now rattling airlines and the broader global economy - endorsing traffic growth forecasts that "assume no major disruptions, including from the coronavirus". But the company pledged higher jet deliveries and operating profit this year. The company said it would propose a dividend of 1.80 euros per share, up 9% from 2017.

-GOOD 2019: Revenue and closely-watched adjusted earnings before interest and taxes both grew in 2019, a solid performance despite the net loss partly caused by the expected penalty payments that settle allegations of bribery in the USA, United Kingdom and France.

Airbus SE released its fourth-quarter and 2019 results on Thursday morning.

For Q4, adjusted EBIT fell 9% to €2.81B but came in ahead of €2.74B analyst consensus estimate, while revenues rose 4% to €24.31B, beating €23.33B consensus.



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