Airbus shares fell by more than 2% on the Paris Bourse on Friday morning, the biggest drop on the CAC 40 index, after analysts described the start of the year as "sluggish".

In a press release, the aircraft manufacturer described the operating context as "showing no signs of improvement", marked by persistent tensions in geopolitics and the supply chain.

Its consolidated adjusted Ebit - a measure of its commercial performance - came to 577 million euros in the first three months of the year, compared with 773 million euros a year earlier.

Sales rose by 9% year-on-year to 12.8 billion euros on the basis of 142 commercial aircraft deliveries, compared with 127 in the first quarter of 2023.

In a reaction note, analysts at Stifel described the figures as "disappointing", while pointing out that the Group's first quarter is always complicated.

Oddo BHF deplores the "sluggish" start to the year, but also the "unrivalled" visibility, with annual targets for 2024 firmly reiterated.

For the full year, Airbus says it is still aiming for around 800 commercial aircraft deliveries, for adjusted EBIT of between €6.5 and €7 billion.

According to RBC, the Group's weak performance in the first quarter is likely to compromise the achievement of annual forecasts, but the Canadian broker also expects business to pick up again in the second half of the year.

The share price was down 2.2% on Friday morning following this publication.

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