Boeing has reported second-quarter revenues of US$16.7 billion, driven by lower defence volume and unfavourable performance, partially offset by higher commercial volume. Boeing recorded positive operating cash flow of US$0.1 billion.
Commercial Airplanes second-quarter revenue increased to US$6.2 billion, driven by higher 737 deliveries, partially offset by lower 787 deliveries. Operating margin of (3.9)% also reflects abnormal costs and period expenses, including higher R&D expense.
Boeing has nearly completed the global safe return to service of the 737 MAX and the fleet has flown more than 1.5 million total flight hours since late 2020. The 737 production rate increased to 31 airplanes per month during the quarter.
On the 787 programme, the company continues to work with the FAA to finalise actions to resume deliveries and is readying airplanes for delivery. The programme is producing at a very low rate and will continue to do so until deliveries resume, with an expected gradual return to five per month over time. The company still anticipates 787 abnormal costs of approximately US$2 billion, with most being incurred by the end of 2023, including US$283 million recorded in the quarter.
Commercial Airplanes secured orders for 169 737 MAX airplanes and 13 freighters, including seven 777-8 freighters from Lufthansa Group. Commercial Airplanes delivered 121 airplanes during the quarter and backlog included over 4,200 airplanes valued at US$297 billion. (£1.00 = US$1.22 at time of publication).
