Airbus Group reported flat consolidated sales in the first quarter of 2024, with a 35% increase in operating profit to EUR 1.1 billion. Commercial jet revenue declined by 6% due to 11 fewer aircraft delivered. The company is facing delays in jet engine supply from suppliers CFM and Pratt & Whitney, impacting commercial plane sales.

The CFM joint venture between GE Aerospace and Safran supplies engines for the popular A320 family of jets, with plans to finish 75 per month by 2027. Airbus has 60 completed jets awaiting engines and is behind on its 820 delivery goal. Despite challenges, the company aims to catch up with a busier second half.

Morningstar has raised Airbus Group’s fair value estimate to EUR 184 per share and $53 per US depository receipt. The company remains on track to meet its goal of delivering 820 jets this year, despite short-term forecast adjustments. Editor’s Note: This analysis was originally published by Morningstar Equity Research.

Read more at Morningstar: Waiting for Engines to Meet 2025 Goal of 820 Jets Delivered