Airbus Firm EADS Sees Profit Up 45% In Q3

Airbus parent company EADS has seen its profit increase by 45% in the third quarter, driven by strong commercial aircraft demand.

EADS said net profit for the July-September quarter rose to €436m (£366m), up from €301m (£252m) a year earlier.

The profit boost comes as EADS revised upward its estimate of Airbus orders for the year.

Net profit for the first nine months of 2013 rose by 36% to €1.2bn (£1bn).

The company now expects gross commercial aircraft orders for 2013 to reach more than 1,200 aircraft.

"We achieved a good improvement in revenues and profitability over the first nine months thanks largely to our civil aircraft business,"  EADS chief executive Tom Enders said.

But he warned that "significant challenges" lie ahead with respect to cash generation and the A350 XWB wide-body jet.

The A350 is being developed as a competitor to American rival Boeing and its troubled 787 Dreamliner.

Chief financial officer Harold Wilhelm said "there's still a long way to go" on the A350, with some higher costs, but that the programme remains on track for entry into service late next year.

The European jet maker said that its free cash flow, a measure of cash generated by a business, would be negative this year.

EADS estimated the negative figure for 2013 at €1.5bn (£1.25bn) because of investment into lifting production and development of programmes such as the A350 long-range wide body.

Previously, the company had said its free cash flow would break even this year, compared to positive €1.5bn last year.

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