Jul 30, 2008
EADS disappoints markets
Despite an operating profit exceeding 1.15 billion euros in the first half of 2008, EADS hard to convince. And the horizon looks does not totally forgiving for the manufacturer. Navigant in a difficult environment clouded by the judicial affairs and an economic context little bearer, Louis Gallois intends to stay the course ... and annual forecasts.
It is sometimes results in trompe l'oeil. Those of EADS, eagerly awaited by the stock market on Wednesday did not fail to react analysts ... but not really in the direction desired by the leadership of the aerospace group. At first sight, however, EADS has nothing to be ashamed of these ads, the manufacturer having benefited from the strength of activity abroad in the first six months of 2008. Operating income biannual group has been multiplied by 3 to 1.15 billion euros.
For analysts, however, the account is not ... some were waiting for a result by 1.3 MdsE even 1.5 MdsE for the most optimistic. Disappointed, some brokers have issued notes not necessarily flattering in response to these figures, recalling that the results of the first half of 2007 could not be used as reference insofar as they had been sealed by restructuring costs in connection with the launch of famous restructuring plan "Power 8" in place at Airbus, but also by the launch of new A350 XWB aircraft.
Power 8 +: Further savings measures
The group EADS early 2008 have suffered again for the decline in the dollar against the euro, which has close its courses floors over this period, close to 1.60, while charges related to the delay of very heavy A380 continued to be felt in the results.
Also offensive, the boss of EADS, Louis Gallois, stressed the effectiveness of the plan "Power8" explaining that this rationalization program had far exceeded its original goals ... Proof? New measures called "Power 8 +" to fight more effectively against "the dollar effect" will allow 1 billion of additional savings on operating income beyond the year 2010. Thanks to "Power 8", is 2.1 billion full-year savings that the group hopes to externalize from 2010.
Other reasons, not least the "visibility" as saying the specialists of financial markets remains low for the second half because of uncertainties associated with the future of air traffic worldwide, while growth declines before our eyes the States U.S. and Europe and that the oil bill remains perched high ... Reasons enough to be cautious on prospects of air transport in the coming months ...
An uncertain economic context
Airbus, which wants to put in a logic of the longer term, expects about 850 new orders in 2008 and has continued to increase its speed of delivery, at a rate of 245 aircraft in the first half. Louis Gallois wants to keep the tempo, but that's always prudent facing up to major U.S. competitor Boeing, which has a dollar of "combat". Hence the need to pursue actively the setting up of the plan would "Power 8", which passes through sales of industrial sites, not always easy to fly. The contretemps announced the recall in the first half of this matter that the road is narrow in an economic context increasingly uncertain.
In an attempt to reassure the stock market which has dropped the title EADS to 12 euros in recent days after a division by 2 in the space of one year in the stock price, management of the group wants to maintain its annual forecasts by relying on an operating profit of 1.8 billion euros and a turnover of more than 40 billion euros. In a climate which remains polluted by business insider who continue to "A" newspapers, the steady pace of Impeachment examination of former executives of Airbus, not sure whether this is sufficient to make off the title EADS Cap ... for the moment.
by erectusplus at 8:51 AM |
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