Airbus shares fell 9% on Tuesday after the company said it was cutting targets for 2024, including aircraft deliveries and revenue.
Airbus now expects adjusted earnings before interest and taxes of around 5.5 billion euros ($5.9 billion), up from a previous estimate of 6.5 to 7 billion euros on April 25.
The company said it now expects to deliver about 770 commercial jets this year, down 30 from a previous forecast of around 800. Airbus also delayed the target timetable for ramping up production of the A320 jet.
The company’s European-listed shares fell 9.17%.
The guidance cuts are partly related to supply chain issues at Airbus’ commercial aircraft division, the company said.
Airbus said it is also facing increased costs in its space systems sector. It identified “commercial and technical challenges” in the business and therefore recorded costs of around 0.9 billion euros in the first half of 2024, Airbus said.