Boeing posts third-quarter net loss of US$132 million

The Boeing Company has reported third-quarter revenue of US$15.3 billion, driven by higher volumes of commercial airplanes and services. GAAP loss per share of (US$0.19) and core loss per share (non-GAAP) of (US$0.60) primarily reflects higher commercial volume. Boeing recorded operating cash flow of ($0.3) billion. The Company reported a net loss of (US$132) million.

Commercial Airplanes third-quarter revenue increased to US$4.5 billion primarily driven by higher 737 deliveries, partially offset by reduced 787 deliveries. Third-quarter operating margin improved to (15.5) percent primarily due to higher deliveries.

The company continues to focus 787 production resources on conducting inspections and rework and continues to engage in detailed discussions with the FAA regarding required actions for resuming delivery. The current 787 production rate is approximately two airplanes per month. The company expects to continue at this rate until deliveries resume and then return to five per month over time. The low production rates and rework are expected to result in approximately US$1 billion of abnormal costs, of which US$183 million was recorded in the quarter.

Commercial Airplanes secured orders for 70 737 MAXs, 24 freighters and 12 787 airplanes. Commercial Airplanes delivered 85 airplanes during the quarter and backlog included over 4,100 airplanes valued at US$290 billion. (£1.00 = US$1.37 at time of publication).