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Airbus (A2/A): 1Q24 Results

CAPITAL GOODS

A soft quarter, but nothing to move the needle on spreads with the strong balance sheet


  • Revenue came in just shy of consensus, but adj. EBITDA missed by 19%.
  • FY24 EBIT and FCF guidance is maintained despite ongoing supply chain issues.
  • FCF was €-1.8bn; consensus lacks data points, but we have seen analysts comment that this was a 40% miss. It’s a seasonally negative quarter with a large WC build.
  • Net cash is left at €8.7bn (c.€9.3bn).

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