April 26, 2024 08:36 GMT
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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