A sign is seen on the Boeing stand on the opening day of the 2024 Farnborough International Air Show in southwest London on July 22, 2024.
Justin Tallis | AFP | Getty Images
boeing company Losses were wider in the second quarter and revenue fell short of analysts’ expectations as its commercial aircraft and defense programs continued to struggle.
Here’s how Boeing performed on the project second season Compared to estimates prepared by LSEG:
- Loss per share: Adjusted $2.90 per share vs. Adjusted $1.97 per share
- income: $16.87 billion vs. $17.23 billion
“Despite a challenging quarter, we made substantial progress in strengthening our quality management system and positioning the company for the future,” Chief Executive Dave Calhoun said in Wednesday’s earnings report.
The aerospace giant reported separately on Wednesday that it had Industry veteran Kelly Ortberg appointed to replace Calhoun next month.
Boeing reported a second-quarter net loss of $1.44 billion, or $2.33 a share, compared with a loss of $149 million, or 25 cents a share, a year earlier. On an adjusted basis, the company lost $2.90 per share, nearly $1 per share less than analysts expected, according to LSEG.
Revenue fell 15% to $16.87 billion in the three months ended June 30.
Boeing is trying to regain its footing after a door jam burst on a nearly new 737 Max earlier this year, reigniting additional scrutiny from regulators and further slowing deliveries of new, more fuel-efficient jets to airlines.
The company’s most important commercial aircraft unit reported a 32% annual decline in revenue to $6 billion.
Declining deliveries and production have delayed some of Boeing’s financial goals.
Chief Financial Officer Brian West warned in May that the company would continue to burn cash in the second quarter, similar to the first quarter, mainly due to lower than expected production and delivery rates.
On Wednesday, the manufacturer reported second-quarter free cash flow of negative $4.3 billion.
Boeing has been producing its best-selling Max planes at a rate of 20 per month over the past few months, well below its target of 38 per month.
Boeing’s other business units are also facing cost overruns and delays, such as its defense unit, which is building two Boeing 747 planes that will serve as Air Force One but is behind schedule.
The company’s defense unit reported a 2% drop in second-quarter revenue to $6.02 billion. The unit lost $913 million in the period, nearly double the $527 million loss in the same quarter of 2023.
This is breaking news. Please check back for updates.
