spacetoday.net: EADS space division reports quarterly profit

Posted: Thu, Nov 4, 2004, 7:10 PM ET (0010 GMT)
The space division of European aerospace company EADS reported a small profit in the latest quarter, evidence of a successful turnaround at the division. EDAS reported Thursday that the space division had a loss of €5 million (US$6.4 million) in the first nine months of 2004. That division had reported a loss of €11 million (US$14.1 million) in the first half of 2004, implying a profit of €6 million (US$7.7 million) in the last three months. In contrast, the division reported a loss of €184 million (US$164.6 million) in the first nine months of 2003. Revenues for the first nine months at the space division were €1.65 billion (US$2.12 billion), up 12 percent from the same period last year. EADS officials credited the results of a restructuring program, as well as revenue from its Paradigm contract with the UK defense ministry, for the turnaround. The company believes the space division should finish at breakeven or better for the full year.