News Summary: EADS Q4 profit down in strong year
PROFIT SLIDE: EADS NV, the parent company to Airbus, posted a 47 percent decline in fourth-quarter profit after taking costly charges at its helicopter and defense electronics divisions. Investors looked past the final quarter, focusing instead the 19 percent jump in full-year earnings, to €1.23 billion.
PARTS: EADS took a €198 million hit during the quarter at its defense electronics contractor Cassidian, in part reflecting restructuring costs. Renegotiating contracts with government customers resulted in a €100 million charge at helicopter maker Eurocopter. Airbus, posted a 36 percent increase in operating profit. Of that, orders for civilian aircraft brought in €309 million while military planes garnered €85 million.
AHEAD: EADS said it expects to sell more commercial aircraft — about 700 — in 2013. Revenues will grow modestly, it said, but results will be affected by stuttering sales of the giant A380, which has suffered problems with its wings.