Airbus cuts key targets and takes hefty Space charge

Airbus has softened its key industrial and financial targets and took a hefty €900m charge for its troubled space activities as Europe's largest aerospace group sought a clean slate approach to supply disruptions and commercial risks.

As a result of the lower delivery forecasts, which imply annual growth of 5% instead of 9%, Airbus lowered its main financial targets for 2024. The downward revision in industrial forecasts comes weeks after Reuters first reported that Airbus was facing a new set of output delays as it grapples with increased parts shortages.

As the biggest plane producer, Airbus has borne the brunt of the problem as rival Boeing faces regulatory curbs and an internal crisis, but some experts and suppliers - including engine makers - have long voiced doubts about its plans, saying they were too ambitious.Faury appeared to turn the tables, however, saying supplies of engines for its best-selling A320-family of narrow-body jets had deteriorated"significantly" in recent months.

On larger jets, Faury said Rolls-Royce engines for the A330neo were behind schedule but not those for the A350. Boeing is nearing a deal to buy back Spirit after its former subsidiary made substantial progress in separate talks with Airbus over a transatlantic breakup of the struggling supplier, Reuters reported last week.

Business Airbus Boeing Guillaume Faury

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