Airbus books $428M charge on cost overruns, schedule delays for multi-satellite development program

by Peter B. de Selding

LA PLATA, Maryland — Airbus Defence and Space booked a charge of 400 million euros ($428 million) against its third-quarter earnings to account for cost overruns and schedule delays on an unidentified satellite development program that has already booked multiple orders.

The charge sank the company’s adjusted pretax-profit (EBIT) to a negative 1 million euros for the three months ending Sept. 30, compared to 231 million euros a year ago.

“We recorded charges in certain of our satellite development programs, mostly in the third quarter of this year,” Airbus Group Chief Financial Officer Thomas Toepfer said . . .

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