October 30, 2017 / 1:03 PM / 3 years ago

BUZZ-PREVIEW-Airbus: not going to sparkle

** Analysts expect weak Q3 report (due Oct. 31) from Airbus due to delays at Commercial Aircraft division and inventory build-up

** Jefferies says aircraft deliveries in Q3 (148, down c.9.6% yoy) alone suggests Q3 results “are not going to sparkle”, adding qtr will be as “grisly” as Q1 and Q2

** Brokerage says it will all come down to whether FY guidance is lowered or not

** Berenberg says “a big Q4 required” as 55% of A320neo FY target remains to be delivered in final qtr and sees A320 narrative, cash profile, and A400m update as focus points

** Deutsche Bank expects FCF to be weak ahead of A320neo delivery loading to Q4, while Jeff sees further large outflow as “inevitable”

** A320neo remains “overhang risk” - DB

** Bernstein expects the next six months to be bumpy

** Analysts polled for Reuters see Q3 adj. EBIT down 5.6% at 690 mln euros (By Piotr Lipinski)

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