EADS Turns Loss Of $25 Million

European Aeronautic, Defense and Space Company posted a first quarter net loss compared with a profit in the previous year as deliveries of Airbus aircraft fell.

Europe's biggest aerospace company and the principal shareholder in the Airbus consortium had a loss of twenty five million euros ($23 million) against a profit of 1.67 billion euros a year earlier, the company said in a faxed statement.

The company said that earnings before interest and taxes, or operating profit, rose by two percent to 315 million euros. That is higher than analyst estimates of around 260 million euros. First quarter revenue rose by two percent to 6.4 billion euros.

EADS had previously forecast a two percent drop in sales for 2002. EADS said today that revenue in 2002 should match those of 2001. Earnings before interest and taxes will come in at 1.2 billion, it said. That forecast was unchanged from earlier ones.

Author: Neftegaz.ru