European Aeronautic Defence and Space Co. or EADS (EADSY.PK,EADSF.PK), the parent of commercial aircraft maker Airbus, posted first-quarter net income of 133 million euros or 0.16 euros per share, as against a loss of 12 million euros or 0.01 euros per share last year. Net income before one-off rose to 259 million euros from year-ago period's 101 million euros, chiefly driven by the operational improvement reflected in the EBIT, which is flowing down to the net income.
EBIT before one-off stood at nearly 480 million euros for EADS, versus some 230 million euros in the previous year.
Quarterly revenues climb 16 percent to 11.4 billion euros from 9.85 billion euros a year before.
Order intake during the first three months reached 12.0 billion euros, versus 6.3 billion euros in the same period of 2011, mainly due to the A320neo order intake at Airbus.
For all items except earnings per share before one-off, EADS confirmed the guidance given in March 2012 based on an assumption of 1 euros = $1.35 for year-end closing spot rates. Looking forward to 2012, EADS sees EBIT before one-off to be above 2.5 billion euros. Based on the first quarter achievements and an expected tax rate for the full year slightly below 30 percent, the EADS 2012 EPS before one-off should now be above 1.85 euros, the company said.
EADS 2012 revenues should continue to grow well above 6 percent.
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