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Airbus takes new A400M hit, juggles jetliner output

* FY op earnings before one-offs up 54 pct to 4 bln euros

* Rev up 5 percent to 60.7 bln euros

* Takes 551 mln euros charge due to A400M delays

* To raise production of A320 family to 50/month from Q1 2017

* (Combines stories, adds details, analyst quote)

By Victoria Bryan and Cyril Altmeyer

MUNICH, Feb 27 (Reuters) - Airbus Group took a charge of 551 million euros ($618 million) due to the latest delays to the A400M military transporter and juggled production on its most popular jetliners as it posted stronger-than-expected annual results on Friday.

The world's second-largest aerospace group after Boeing said it would cut production of its A330 widebody jet to six a month from the first quarter of 2016 as it also ramps up production of its top-selling A320 family.

Airbus had already announced plans to cut the production rate of the A330 to nine a month from the fourth quarter of this year as it moves to the new A330neo.

Its shares plunged by more than 10 percent in one day in December after the group said it would have to cut A330 production further than planned.

Analysts had predicted a cut to as few as six a month due to slow sales.

Airbus confirmed, however, that it would increase production for the A320 single-aisle family to a new record of 50 aircraft per month from the first quarter of 2017 as planemakers face record demand for medium-haul planes.

The A330 and A320 are its two main sources of cash.

Airbus currently makes 42 A320 family jets a month and is increasing this to 46 in 2016. Rival Boeing is increasing its 737 production rate to 52 a month in 2018.

The move confirmed what a senior industry source had told Reuters earlier this week.

The A400M charges brought to more than 4.75 billion euros the amount of provisions over the life of the troubled defence programme, Europe's largest.

Analysts polled by Reuters had expected A400M charges of between 200 million and 500 million euros.

Airbus Group's operating earnings before one-off items rose 54 percent to 4 billion euros as revenue gained 5 percent to 60.7 billion. It reported positive free cashflow of 2 billion euros including 900 million from divestments.

For 2015 it forecast higher revenue and a slight increase in operating earnings before one-off items.

"The A320 production increase balances the A330 cut and the A400M charge, while guidance is in line so it feels net neutral," said Agency Partners analyst Nick Cunningham.

"The A400M charge is at the upper end and seems not to exclude more," Cunningham said, noting Airbus had stressed the programme continues to be closely monitored.

The results were boosted by a stronger than expected fourth quarter in which core earnings before one-off items rose 21 percent to 1.476 billion euros on revenue up 9 percent.

Analysts had forecast fourth-quarter operating income before one-off items of 1.272 billion euros, up 1.4 percent, on flat revenue.

Airbus raised its dividend 60 percent to 1.2 euros.

($1 = 0.8917 euros) (Writing by Tim Hepher; Editing by James Regan and David Holmes)