European aerospace giant Airbus has revised its profit and delivery forecasts for 2024, signaling turbulent times ahead for the aviation industry. The company’s announcement on Tuesday sent shockwaves through the market, with Airbus shares plummeting by 11.1% in response to the news.

According to Report, which cites the company’s latest statement, Airbus now expects an adjusted EBIT (Earnings Before Interest and Taxes) of €5.5 billion, a significant drop from the previously forecasted €6.5-7 billion.

Airbus has also lowered its civil aircraft delivery target for 2024 from 800 to 770 units.

Perhaps most notably, Airbus has pushed back its ambitious plan to reach a monthly production rate of 75 A320 aircraft. Initially slated for 2026, this target has now been delayed until 2027. The A320 family, Airbus’s best-selling narrow-body aircraft series, has been a cornerstone of the company’s success, competing directly with Boeing’s 737 series.