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 Investors also worried about a cut in production rates for the A330
as Airbus moves to a newer version of the wide-bodied plane, dubbed
the A330neo, and as it ramps up production of its new A350.
"Yes, there is a risk the rate will come down, but this is not the
point," Chief Financial Officer Harald Wilhelm said during the
second day of an investor event in London.
"The point is that this is the way forward for the neo that will
then ramp up and that will provide a clear bridge into
profitability."
Shares in Airbus fell 4 percent on Thursday, adding to a 10.4
percent drop in the previous session, their worst performance in
more than six years.
The Wednesday plunge represented a wipeout in the company's market
value of 3.9 billion euros ($4.9 billion), roughly the price of a
dozen Airbus A380 jumbo jets.
Airbus sales chief John Leahy sought to ease fears of slightly lower
margins on the A320 single-aisle plane by saying Airbus was
currently commanding a premium price for the A320neo and that the
price for the older version was holding steady.
Wilhelm added divestments would boost dividends as the group embarks
on a program to streamline its defense and space portfolio.
[ID:nL6N0TV28B]
The investor day was also overshadowed by the future of the A380
program. The head of Airbus' planemaking unit said on Thursday the
group would "one day" re-engine or stretch the A380.
[to top of second column] |
A suggestion that Airbus could stop making the plane after 2018 drew
an angry reaction from the jet's biggest customer, Emirates, which
said it could double its investment if the planemaker agreed to
upgrade the A380 instead.
Some analysts and traders were of the view that the sell-off in
Airbus' stock was overdone, but they also noted additional concerns
that falling oil prices would reduce airlines' incentive to buy new,
more fuel efficient aircraft.
"Over the course of the last year, estimates perhaps didn't come
down enough to incorporate A330 pressures and arguably needed to be
reset in our view," Barclays analysts wrote in a note.
UBS raised its earnings forecast by 2 percent for 2015, but cut it
by 5 percent for 2016, 15 percent for 2017, and 10 percent for 2018.
(Additional reporting by Cyril Altmeyer and Tim Hepher; Editing by
Andrew Callus and Maria Sheahan)
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