Airbus raises outlook as industry steadies amid pandemic

European planemaker Airbus reports that it made 1.87 billion euros profit in the second quarter

Europe Earns Airbus (Copyright 2019 The Associated Press. All rights reserved.)

European plane maker Airbus posted 1.87 billion euros ($2.2 billion) net profit for the second quarter and raised its outlook for plane deliveries as the airlines sector steadied itself amid the devastating impact of the COVID-19 pandemic.

The Airbus figures out Thursday compared to a loss of 1.44 billion euros in the same period last year, when the first major wave of pandemic restrictions disrupted travel and business.

During the first six months of this year, the company delivered 297 aircraft versus 196 last year. As air travel begins to return to more normal levels. Airbus now expects to deliver 600 aircraft in 2021, more than its earlier sales forecast of at least 566.

Yet things are hardly back to normal; the company booked net orders of only 38 aircraft in the first six months after numerous cancellations.

The improvement at Airbus follows news Wednesday that competitor Boeing showed its first quarterly profit after six straight quarters of losses.