Airbus deliveries soared 31% in November, on track to meet 2024 guide

Investing.com -- Airbus (EPA:AIR ) delivered 84 aircraft in October, marking a 31% year-over-year increase, bringing year-to-date (YTD) deliveries to 643, up 3% compared to the same period last year.

According to Jefferies analysts, these figures align closely with their forecast of 85 deliveries for the month, comprising 78 narrowbody and 6 widebody aircraft. The minor deviation from the forecast was due to one fewer A350 being delivered.

To meet its revised annual guidance of 770 deliveries, Airbus will need to achieve 127 deliveries in December, representing 13% year-over-year growth. At the lower threshold of 750 deliveries, Airbus could meet its target with a 4% year-over-year decline in December deliveries.

“We thus continue to feel comfortable that Airbus 2024 deliveries will stand close to the 770 guide,” analysts led by Chloe Lemarie wrote.

November saw limited net orders, with 30 gross and 12 net orders. Gross orders included 15 A330neos, 5 A350s, and 10 A320neos, all attributed to undisclosed customers.

During the month, Airbus recorded 18 cancellations, primarily for the A220 model. Despite a 48% decline in YTD gross orders, Jefferies notes that Airbus maintained a solid book-to-bill ratio of 1.15x, supported by strong widebody performance at 3.2x.

Airbus’ inventory of 54 aircraft should provide a foundation to support December deliveries, analysts said.

Although this figure is slightly below the 60 aircraft held at the end of November 2023, it remains a key factor in helping Airbus approach its delivery targets.

“While first flights were slightly weak in November at 70, we already tracked a total of 17 first flights so far in December, largely in line with last year's 18 over 1-5 Dec,” Jefferies noted.

“We could see a stronger mid-month, following recent announcements on CFM redirecting more engines to Airbus vs. aftermarket,” it added.

Source: Investing.com