Airbus disappoints investors with forecasts for 2021

European planemaker Airbus lost 1.1 billion euros ($1.3 billion) last year amid an unprecedented global slump in air travel because of the pandemic, Report informs referring to ABC News.

Still, the planemaker expects to deliver hundreds of planes and make a profit in 2021 despite uncertainty about when people will resume flying en masse.

Airbus CEO Guillaume Faury acknowledged that its performance last year was ‘far from expectations’ and had to continually adapt as airlines grounded planes - or folded altogether - because of travel restrictions.

Airbus announced in June that it would cut 15,000 jobs, mostly in France and Germany.

"The crisis is not over. It is likely to continue to be our reality throughout the year. Airlines will continue to suffer and to burn cash," Faury said.

Airbus doesn’t expect the industry to recover to pre-pandemic levels until 2023-2025. When it does, Airbus predicts that environmental concerns will be even more important to passengers and airlines, so it’s increasing investment in hydrogen and lower-emissions aircraft.

Airbus sales were down to 49.9 billion euros from 70 billion euros the year before. The company also reported a loss in 2019 because of a significant multinational corruption settlement.

Airbus delivered 566 aircraft last year and expected to provide about the same number this year, the company said. It took in 268 commercial plane orders, down from 768 the year before.

Both figures were well down from average recent years, but above those from struggling Boeing.

Boeing Co. got a bump in orders and deliveries of new planes in December, but it wasn’t enough to salvage the year. It notably suffered from continuing cancellations of its 737 Max jet, grounded for 21 months after crashes in Indonesia and Ethiopia killed 346 people.