Airbus rebounds despite supply chain challenges
The aerospace giant reported record profits today
Airbus, the European aircraft manufacturer, reported record profits in 2022 on Thursday (February 16).
The company reported a 1% rise in net profit to €4.2 billion (roughly US $4.5 billion) year-over-year.
With air traffic picking up as the COVID-19 pandemic improves, Airbus had hoped to speed up production, but supply chain issues such as labor shortages and raw material limitations caused manufacturing delays. The company supplied 661 aircraft instead of the intended 720.
Despite this, the company’s sales increased 13% to €58.9 billion. Airbus expects 720 deliveries in 2023 and wants to increase the production of several A320 and A350 models.
Consumers’ willingness to travel again is a powerful thing indeed.
This story was first published on The PhilaVerse (my Substack newsletter).
