Airbus parent EADS sees earnings halve
Airbus parent company EADS NV posted a 47 percent drop in fourth-quarter net profit Wednesday after taking costly charges at its helicopter and defense electronics divisions.
The aerospace giant recorded a $425 million net profit in the October-December period, down from the previous year's $802.6 million. But for the full year, its net earnings were up 19 percent at $1.6 billion from $1.35 billion in 2011.
"There's still some way to go to meet our profitability targets," chief executive Tom Enders said.
Revenues rose 17 percent during the fourth quarter to $25.2 billion, with the core Airbus division posting a 21 percent increase to almost $17 billion.
But EADS took a $259.7 million hit during the quarter at its defense electronics contractor Cassidian, in part reflecting restructuring costs.
Renegotiating contracts with government customers resulted in a $131 million charge at helicopter maker Eurocopter.