(Bloomberg) -- Airbus SE was able to stop bleeding cash in the third quarter, providing a platform for the planemaker to embark on a recovery when the Covid-19 pandemic eventually eases.After burning through 4.4 billion euros ($5.2 billion) in the first half, the European company generated 600 million euros in adjusted free cash flow during the third quarter and said Thursday it’s on track to meet a target of “at least” break-even in the final three months of the year.The update adds to mounting evidence that Airbus has fended off the most dire impact of the unprecedented aviation crisis, even as virus cases surge in the U.S. and Europe. Chief Executive Officer Guillaume Faury has so far balanced staff and output cuts with aggressive efforts to preserve the planemaker’s order book and supplier base, and is working on plans to increase production of its most popular narrowbody jets from next year.“In this challenging context we continue to show resilience as a company,” Faury said on a conference call. While the pandemic is progressing at a fast pace, “the guidance reflects the situation as we can see it today,” he said.The forecast indicates a more optimistic approach than arch rival Boeing Co., which said Wednesday it will cut 7,000 more jobs to adapt to the jet market’s “new reality.” Even so, Airbus said its fourth-quarter forecast hinges on “no further disruptions to the world economy,” air traffic, and internal operations.The shares traded up 0.2% to 61.88 euros as of 9:28 a.m. in Paris, trimming the year-to-date decline to 53%.Airbus delivered 145 planes in the third quarter, as travel demand remained subdued, compared with just 28 jetliners for Boeing. The company surprised the market with a more ambitious target for output of its most popular program last week, telling suppliers to be ready to support a monthly rate of 47 A320neo-family planes in the second half of 2021.Airbus is “sitting more comfortably,” Jefferies analyst Sandy Morris said in a note to clients. “After a gruesome second quarter, to reach this point so soon is remarkable.”The planemaker, which announced plans to cut 15,000 jobs in July, posted a restructuring charge of 1.2 billion euros, mainly due to the cost of voluntary and compulsory cuts. While it’s too early to rule out further job cuts, Faury isn’t planning any more for now, he said.Still FightingAirbus has also production to get through the downturn, reducing output by about a third in April. The company said its plan to ramp-up production of the A320neo family next year was based on commitments from customers, even as it declined to give a fresh forecast for 2020 deliveries with just months of the year to go.“There’s complexity in predicting deliveries in the environment we’re in,” said Faury. “We wanted to converge production and deliveries, this is what we’ve done and we want to keep doing this toward the end of the year and in 2021.”Matching aircraft production with deliveries will be key to halting the outflow of money from the business and could get more challenging as countries including Germany and France introduce new lockdowns.Airbus is well-prepared to continue production and deliveries despite the new French restrictions after introducing measures such as e-delivery, secure sites and increased safety measures, Faury said. He pointed to the “impressive” recovery of Chinese domestic air traffic as one reason for optimism.At the end of September, the number of commercial aircraft that could not be delivered due to the pandemic had reduced to about 135, compared with 145 at the end of July.(Updates with CEO comment in fourth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.