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Boeing (BA) results Q3 2022




A Boeing 737 MAX 10 aircraft stops while taxiing on the flight line before its first flight at Renton Municipal Airport on June 18, 2021 in Renton, Washington.

Stephen Brashear | Getty Images

Boeing reported a quarterly loss of $3.3 billion on Wednesday as accusations in the defense unit hampered progress in commercial aviation business.

However, the manufacturer generated nearly $3 billion in free cash flow in the three months ended Sept. 30, up from outflows of $507 million a year earlier. Boeing reiterated its forecast of achieving positive free cash flow for the year.

Here’s how Boeing performed compared to analyst estimates tracked by Refinitiv:

  • Adjusted loss per share: $6.18 vs. expected earnings per share of 7 cents.
  • Income: 15.96 billion dollars against the expected 17.76 billion dollars.

The company’s shares were up approx. 1% in pre-market trading.

Boeing reported losses of $2.8 billion in its defense unit on programs including the KC-46 tanker and Air Force One. The company previously disclosed losses of more than $1 billion associated with modifying two 747 jumbo jets to serve as Air Force One, a contract negotiated under former President Donald Trump.

“We are completely focused on maturing these programs, mitigating risks and delivering for our customers and their important missions,” Boeing CEO David Calhoun said in a staff memo Wednesday.

An uptick in air traffic has been a boon for commercial jet sales. Boeing’s commercial unit revenue rose 40% from a year ago to $6.26 billion. It delivered 112 aircraft in the third quarter, up from 85 a year earlier. Deliveries of the 787 Dreamliner resumed in August after a hiatus for much of the previous two years to resolve a series of production glitches.

But Calhoun and other aerospace executives have said supply chain problems and labor shortages are hindering production increases.

“We are realistic about the environment we face and are taking comprehensive action,” Calhoun wrote to employees Wednesday. “Within our production facilities, we don’t push the system too fast. We slow down when necessary and work hard to ensure work is completed in sequence.”

Boeing executives will discuss the results on a call with analysts at 10:30 a.m. Wednesday with analysts, where the company is likely to face questions about potential commercial jet production increases and the latest timeline for certification of the smallest and largest models of the best-selling 737 Max. .

This is breaking news. Check back for updates.



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