Boeing rival Airbus shares fall 11% as company cuts 2024 guidance on targets, deliveries and cash flow

• Shares of Airbus fell Tuesday after the company said it was cutting its financial targets for 2024.
• Airbus said it was now expecting lower earnings before interest and taxes and fewer commercial aircraft to be delivered this year.
• The company cited supply chain issues and additional costs in its space systems division as reasons for the lower targets.

Shares of Airbus fell by 9% on Tuesday after the company said it was cutting its targets for 2024, including aircraft deliveries and earnings.

Airbus on Monday said it was now expecting its adjusted earnings before interest and taxes to come in at around 5.5 billion euros ($5.9 billion), down from a previous estimate of 6.5 billion euros to 7 billion euros affirmed on April 25.

The company said it was now anticipating to deliver approximately 770 commercial aircraft this year, compared with a previous outlook near 800. Airbus also delayed its target timeline for ramping up the production of its A320 aircraft.

Europe-listed shares in the company were down 9.6% by the end of the session.

www.cnbc.com/2024/06/25/airbus-shares-fall-9percent-as-company-cuts-2024-guidance-on-targets-deliveries.html