Airbus misses core profit estimates as deliveries slow

Europe's Airbus posted a sharp drop in first-quarter core profit on Tuesday, falling well below market expectations as the world's largest planemaker delivered fewer aircraft and was hurt by a weaker U.S. dollar.

Adjusted operating profit fell 52% to 300 million euros ($351 million), while revenue declined 7% to 12.65 billion euros in the three months to March 31.

Analysts had on average forecast adjusted operating profit of 348 million euros on revenue of 12.39 billion euros, according to company-compiled consensus data. 

The European planemaker is racing against time to deliver the 870 aircraft it has targeted for 2026 after reporting a 16% drop year-on-year in first-quarter jet deliveries.

The group left its full-year guidance unchanged, reaffirming a target production rate of between 70 and 75 A320-family aircraft per month by the end of 2027 - a goal it trimmed in February from an earlier ambition of hitting 75 per month by the start of that year.

($1 = 0.8542 euros)