EADS returns to profit, sees need for more cost cutting
AFP, May, 2008
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PARIS (AFP) — Aerospace group EADS, hit by fresh setbacks at plane-making unit Airbus, reported a robust return to profit Wednesday and said it hoped to save 750 million euros this year to counter the rise of the euro.
Figures for earnings and sales exceeded analyst forecasts the day after Airbus acknowledged new delays, the fourth time in two years, in deliveries of the A380 superjumbo, the world's largest civilian airliner.
The European Aeronautic Defence and Space Company said it had a first quarter net profit of 285 million euros (439 million dollars), more than reversing a loss of 10 million euros in the same period of last year.
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Sales rose to 9.85 billion euros from 8.98 billion euros. EADS has many interests in the aerospace industry but its main business is the Airbus company which makes commercial and now military aircraft.
Analysts had forecast net ...
