Astrium Reports Strong Profits for 2009

Even as parent company EADS lost $1 billion in 2009, its fully-owned subsidiary Astrium reported strong growth, Space News reports:

Europe’s Astrium space hardware and services provider reported a 12 percent increase in revenue and a 33 percent increase in backlog in 2009 compared to 2008, with its services business growing by nearly 18 percent, Astrium parent EADS reported March 9.

In a conference call with investors, EADS Chief Financial Officer Hans Peter Ring said 2009 was “the most successful year in the history of Astrium despite the loss of Galileo.” Astrium was bested by OHB Technology of Germany in the first round of competition to build Europe’s Galileo timing and navigation satellites.

While the Galileo loss was a psychological blow to Astrium, its effect on Astrium’s total business from a financial perspective is relatively small, especially since the Astrium-owned Surrey Satellite Technology Ltd. of Britain is a major OHB subcontractor for the program.

EADS’ losses were largely a result of problems on its A-380 super jumbo passenger jet and A-400 military plane.

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