Europe based aerospace and defense company Airbus SE (EPA: AIR) has announced that it’s looking forward to reaching cash breakeven in the current fourth quarter. This is the first forward looking strategy from the company since the pandemic set foot in the beginning of the year causing major disruptions in the airline industry.
Due to significant damage inflicted to the airline industry by the pandemic, the airline resulted to slashing employees to cope with the tough times. Additionally, Airbus secured 1.2-billion-euro ($1.42 billion) worth restructuring deal.
This restructuring deal helped the company post better than expected quarterly operating profit of 820 million euros in the third quarter.
The third quarter adjusted operating profit denoted a 49% decline compared to what the company posted in a similar quarter a year ago. Revenue for the company in the third quarter was 11.2 billion euros similarly signifying a 27% loss in relation to last year’s revenue.
In the third quarter analysts had predicted 708 million euros and 11.439 billion as adjusted operating profit and revenue for the company.
The company says it managed to significantly reduce cash outflows in third quarter narrowing the gap between production and deliveries to airlines.