Mauro Orru of The Wall Street Journal reports that Airbus, the European plane manufacturer, has said it would no longer be able to deliver about 800 commercial aircraft to customers this year, lowering the goal to roughly 770, due to supply-chain hurdles. Orru writes:

Airbus lost about $12 billion in market value after the group lowered its commercial aircraft delivery goal and financial targets for the year due to supply-chain hurdles and an impairment related to its space activities.

Airbus shares in Paris closed 9.4% lower on Tuesday, bringing the group’s market value down to about 106.78 billion euros ($114.63 billion), according to FactSet. Airbus’s market value stood at roughly €118 billion on Monday.

The European plane maker said in an update to investors late Monday that it would no longer be able to deliver about 800 planes to customers this year and lowered that goal to roughly 770, citing persistent supply-chain issues in engines, aerostructures and cabin equipment. […]

The group now expects adjusted earnings before interest and taxes—its preferred measure of profitability—of around €5.5 billion this year, down from a previous forecast range of €6.5 billion to €7 billion. Free cash flow before customer financing—a metric closely watched by analysts and investors—is projected at around €3.5 billion, down from roughly €4 billion previously.

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