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Airbus Q1 core operating profit falls 7 pct, confirms targets

Reuters - UK Focus

PARIS, April 30 (Reuters) - Airbus Group (Swiss: AIR.SW - news) confirmed its full-year profit guidance on Thursday and said its main commercial jet programmes were on track as it posted lower first-quarter operating profit roughly in line with market expectations.

Europe's largest aerospace group said it was pushing ahead with the production ramp-up of its new A350 jet and that its revamped A320neo remained on schedule, while the A380 would break even as planned this year.

Revenue fell 5 percent to 12.078 billion euros ($13.41 billion), due to lower commercial plane deliveries that were partially offset by the impact of a weaker euro. Operating income before one-offs fell 7 percent to 651 million euros.

Commercial jet deliveries are expected to be "backloaded" towards the later part of the year, especially for the A350 and A380, Airbus Group said in a statement.

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Free cashflow swung to a positive 452 million euros from a negative 2.034 billion, swelled by the sale of part of Airbus's stake in Dassault Aviation (Paris: FR0000121725 - news) , Airbus added.

Analysts had on average predicted operating profit of 647 million euros on revenue of 12.6 billion. ($1 = 0.9010 euros) (Reporting by Cyril Altmeyer and Tim Hepher; Editing by James Regan)