Airbus posted its fiscal earnings for the first quarter on Wednesday, which saw the aviation company’s earnings drop by 39% compared to the previous quarter. Driven by lower airplane deliveries and a recovering dollar, the drop in revenue was partially offset by the strength of its helicopter business.
The company’s adjusted quarterly operating earnings amounted to 773 million euros ($854 million), while its revenue dropped by 2% to 11.763 billion euros. Analysts were expecting an adjusted operating profit of 736 million euros with revenues of 11.37 billion.
Underlying free cash flow for the first three months of the year plummeted to a negative 889 million euros from a positive cash flow of 213 million a year earlier. This was largely driven by lower jet deliveries.
Currently, the world’s largest plane maker, Airbus also stipulated its financial targets and production goals. The company is planning to deploy its new freighter version of its A350 jetline in 2026.