Airbus expects to reach its cash goal for the fourth-quarter earnings
On Thursday, Airbus (AIR.PA) announced that it expects to reach its target cash goal in the fourth quarter.
The European multinational aerospace corporation said that it aims to give its investors a first glimpse of its future performance since the start of the coronavirus pandemic. Airbus added that the firm’s cash spending was halted during the third quarter.
In April, Airbus slashed its workforce by 17% to survive the collapsing air travel demand. Moreover, the aerospace company also took a 1.2 billion Euro ($1.42 billion) restructuring charge.
Airbus’ operating profit dropped by 49% to 820 Million Euros while its revenue fell by 27% to 11.2 billion Euros.
“What we have announced this morning reflects the situation as we can see it today and the way we see the next two months playing out in this very difficult and dynamic environment,” Airbus’ Chief Executive Officer Guillaume Faury said.
“For the moment, we have one plan in place and we are executing that plan — no less, no more,” he added.