Reply #60: EADS blames accounting change for 1Q loss

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http://seattletimes.nwsource.com/html/businesstechnology/2015041457_apapfneufranceearnseads.html

PARIS —

Airbus parent company EADS on Friday blamed an accounting change for a first quarter loss but said it was on track to hit its annual sales and delivery targets.

Toulouse, France based EADS reported a net loss of 12 million euros ($17 million) in the first quarter compared to a profit of 103 million euros a year earlier.

In a statement, the European aerospace company said a "negative accounting revaluation" of its U.S. dollar and British pound cash assets following the euro's slide between December 2010 and March, 2011 caused its earnings to slip into the red for the quarter.

But EADS said it still expects to deliver between 520 and 530 commercial aircraft this year and to report full year revenues above last year's 46 billion euros. The company also still maintains its target for operating profit of around e1.3 billion euros, which is in line with last year.