EADS hit as Airbus demand collapses

"EADS' profits fell sharply in the first quarter as Europe's leading aerospace and defence group was hit by the growing impact of the global recession and further charges due to struggling new aircraft development programmes.

Airbus, the commercial aerospace division which dominates the group, suffered a collapse in demand from airlines and captured only 22 gross new orders (eight net new orders after cancellations) in the first three months, down from 420 gross new orders (395 net new orders) in the same period a year ago.

The group lowered its forecast for the whole of 2009 from the previous range of 300-400 gross new orders to "up to 300", a sharp fall from the 900 won in 2008 and the record 1,458 booked in 2007." Next.