Airbus Group said Tuesday that orders for its jets slumped in the first quarter, but profits rose, and it hopes to put its A350 long-range jet into service by the end of the year.
The European plane maker, Boeing’s chief rival, said in a statement that it took in 103 orders in the quarter, worth $28.9 billion. That is down from 410 orders in the first quarter of 2013.
CEO Tom Enders said Airbus isn’t changing its 2014 outlook, which predicts a stable year compared to 2013. But he said the company faces “many challenges” and is focusing on “improvement and restructuring plans.”
The group confirmed plans for 5,800 job cuts as it restructures its defense and space business, Chief Financial Officer Harald Wilhelm said.