Boeing narrows third-quarter loss as defense sales rise, but focus remains on 737 Max production
Defense and services gains offset commercial jet losses as Boeing reported $464 million in free cash flow and won key U.S. certifications.
- On Tuesday, Boeing reported a third-quarter adjusted loss of 34 cents per share as revenue rose 4% to $24.2 billion, though Boeing Commercial Airplanes posted a $697 million operating loss.
- Supply chain challenges and production delays in the commercial division overshadowed performance elsewhere. Engine delivery issues hindered production rate increases on the 737 MAX and 787 Dreamliner, limiting output growth.
- Boeing Global Services posted $1 billion in quarterly earnings with an 18.3% operating margin, while the defense arm achieved nearly $500 million in earnings, assisted by a $252 million subsidiary sale.
- Consolidated debt remained unchanged at $45.9 billion from the previous quarter. The company confirmed it has access to $10 billion in undrawn credit facilities to support ongoing operations.
- CEO Kelly Ortberg reiterated plans to deliver the 777-9 widebody next year and aims to stabilize 737 MAX output at 47 jets monthly. Ortberg stated the company has a "stronger foundation" but requires further work.
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What Boeing (BA) Said on Its Q3 Earnings Call
Boeing (NYSE:BA) reported third-quarter revenue of $24.2 billion, up 4% from a year earlier, as higher defense and services volume offset a less favorable commercial-aircraft delivery mix. The company posted an operating margin of 1.5%, while core earnings per share improved to a loss of $0.34. Free
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