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EADS Sees Profit Growth After Strong 2012

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EADS predicted higher profit in 2013 as it confirmed an upswing in 2012 driven by efforts to halt excess costs and by strong deliveries of passenger jets.

Operating profit rose by 68 percent to EUR€3 billion (USD$3.92 billion) last year on revenue up 15 percent to EUR€56.5 billion, EADS said on Wednesday. Net profit also grew 19 percent to EUR€1.2 billion.

For 2013, it targeted EUR€3.5 billion in operating profit but an even sharper rise in earnings per share after a planned share buyback linked to a shake-up of its core shareholdings.

The results came weeks after chief executive Tom Enders predicted a "very significant improvement" in revenue and operating profit as all divisions exceeded company targets.

In November, EADS forecast that full-year revenue would grow by more than 10 percent and that earnings before interest, tax and non-recurring charges would reach around EUR€2.7 billion, against EUR€1.8 billion in 2011.

Airliner production has largely ridden out the economic crisis due to rapid airline growth in emerging markets.

(Reuters)

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