Airbus edges up on Q3 results beat, new planemaking boss

MTU Aero Engines AG

31/10/2024 10:47

Oct 31 (Reuters) -    ** Shares in Airbus  AIR.PA  rise
2% after the world's largest plane maker posts
higher-than-expected Q3 results, and announces a leadership
transition in its top business
    ** Appoints of Lars Wagner, the current CEO of MTU Aero
Engines  MTXGn.DE , as CEO of its Commercial Aircraft business,
starting in 2026; Wagner to replace Christian Scherer
    ** "We view this transition positively given the execution
headwinds within the Commercial Aircraft business over recent
years," RBC says
    ** "We believe this is a good succession plan for Mr
Scherer, with Mr Wagner being an industry veteran with
significant experience in managing ramp-ups", Jefferies analysts
say
    ** The company's board of directors is set to propose to
shareholders a third term for CEO Guillaume Faury
    ** AIR reports Q3 EBITA 17% higher than a company-compiled
consensus estimate, at 1.23 million euros, which Jefferies sees
as a "solid"  performance, showing benefit of cost savings
    ** However, Jefferies says the company's management is not
concerned over the guidance, even though it implies a
significant step-up in deliveries
    ** Berenberg says as the company maintained full-year
guidance, it needs to deliver 49% of the full-year adjusted EBIT
guidance in Q4 vs an average of 36% in the period from 2021-2023

($1 = 0.9211 euros)

 (Reporting by Anna Peverieri)
 ((Anna.peverieri@thomsonreuters.com))