Airbus profits fall on taxes, pricing, supplier issues

Markets Associated Press

European plane maker Airbus Group SE says third-quarter net profit dwindled to 50 million euros ($55 million) from 376 million euros a year ago.

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The company cited higher taxes in this year's quarter, unfavorable currency exchange rate shifts, slower production of its A330 model, supplier difficulties, and price pressure stemming from the introduction of new models for its single-aisle A320 model and its long-haul A330.

The company said Wednesday it was sticking to its earnings forecast for the full year.

Revenue fell one percent to 13.95 billion euros.

CEO Tom Enders said that "for the remaining months of the year we remain totally focused on deliveries to achieve our earnings and cash guidance."

He said an order backlog of 6,700 aircraft indicated the commercial environment was "rather healthy."