Airbus reported €11.8B ($13B) in 1Q revenue yesterday, but the company’s defense and space division saw a 21.5% drop in net order intake.
The overall numbers:
• Free cash flow = €-900M (-$1B)
• Revenue = €11.8B ($13B), a slight decrease from last year’s €12B
• EBIT Adjusted = €800M ($885M)
Breaking out defense & space:
• Revenue = €2.3B ($2.6B), a 6% decrease YoY
• EBIT Adjusted = €36M ($40M)
Defense and space accounted for 19% of revenues this quarter. Of this, space systems represented about 25%. The 6% decrease in defense and space revenues was mainly due to lower sales in military air systems and space systems. The division saw an order intake of $2.77B (€2.5B), which included the ESM-2 for the Orion spacecraft and an MRTT for NATO.
This quarter zoomed out: Airbus joined forces with other major European space companies in a bid for the EU’s proposed multi-orbit connectivity constellation. This joint bid intends to foster more collaboration among major space players in Europe. The company’s space and defense division also joined Starlab, Voyager Space’s commercial space station project, and saw the launch of the JUICE mission to Jupiter’s moons.