Airbus has increased both revenue and profit in the first quarter of this year and confirms its production targets for 2024 will be raised. The company aims to deliver about 800 commercial aircraft this year, which represents an increase compared to the 735 aircraft delivered in 2023.

The revenue of the European aircraft manufacturer increased by 9% to 12.83 billion euros compared to the previous year. Net profit rose by 28% to 595 million euros. Despite growth in revenue and net profit, the adjusted earnings before interest and taxes (EBIT) – the profitability metric preferred by Airbus – fell by 25% to 577 million euros.

These results fall short of analysts' expectations, who had forecasted sales of 12.87 billion euros, a net profit of 631 million euros, and an adjusted EBIT of 789 million euros. These estimates are based on a consensus that the company compiled from the assessments of 18 analysts.

For the full year of 2024, Airbus still expects an adjusted EBIT of between 6.5 billion and 7 billion euros. Free cash flow before customer financing, a metric closely watched by analysts and investors, is expected to be around 4 billion euros.

The decision to increase production of the A350 widebody jets underscores Airbus's aspiration to further extend its lead over the ailing competitor Boeing. This increase in production reflects the robust demand and the company's confidence in its operational capabilities, putting Airbus in a favorable position compared to Boeing, which continues to struggle with production challenges.