Europe's Airbus misses core profit estimates as deliveries slow

By Gianluca Lo Nostro April 28 ​Reuters) - Europe's Airbus posted ​a sharp drop in ‌first-quarter core ​profit on Tuesday, falling well below market expectations as the world's ‌largest planemaker delivered fewer aircraft and was hurt by a weaker U.S. dollar.

Adjusted operating profit fell 52% to ‌300 million euros ($351 million), while revenue declined 7% ‌to 12.65 billion euros in the three months to March 31. Analysts had on average forecast adjusted operating profit of 348 million ⁠euros ​on revenue ⁠of 12.39 billion euros, according to company-compiled consensus data.

The European planemaker ⁠is racing against time to deliver the 870 aircraft it ​has targeted for 2026 after reporting a 16% drop ⁠year-on-year in first-quarter jet deliveries. The group left its full-year guidance ⁠unchanged, ​reaffirming a target production rate of between 70 and 75 A320-family aircraft per month by the ⁠end of 2027 - a goal it trimmed in February from an ⁠earlier ⁠ambition of hitting 75 per month by the start of that year.

($1 = 0.8542 euros)

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