Boeing has reported a second quarter net loss of $149 million or ($0.25) per diluted share on a year-over-year increase in revenue of 18 percent to $19.8 billion. At June 30, 2023, Boeing’s order backlog was $440 billion, including over 4,800 commercial airplanes.
On Wednesday (July 26, 2023), Boeing reported their second quarter financial results for the period ending June 30, 2023. The company reported a second quarter net loss of $149 million or ($0.25) per diluted share on a year-over-year increase in revenue of 18 percent to $19.8 billion, reflecting 136 commercial airplane deliveries. At June 30, 2023, Boeing had a commercial backlog of $440 billion, including over 4,800 commercial airplanes. The company ended the quarter with cash and marketable securities totaling $13.8 billion and undrawn credit facilities of $12.0 billion. At June 30, 2023, Boeing’s debt totaled $52.3 billion, down from $55.4 billion at the start of the quarter.
In Thursday’s announcement, Boeing’s Chief Executive Officer, Dave Calhoun, said,
“We had a solid second quarter with improved deliveries and strong free cash flow generation. We are well positioned to meet the operational and financial goals we set for this year and for the long term. While we have more work ahead, we are making progress in our recovery and driving stability in our factories and the supply chain to meet our customer commitments. With demand strong, we’re steadily increasing our production rates across key programs and growing investments in our people, products and technologies.”
Boeing's Second Quarter 2023 Financial Results Summary - Courtesy Boeing
Boeing Commercial Airplanes’ second quarter revenue increased 41 percent compared to Q2 2022 to $8.8 billion, driven by increased 787 Dreamliner deliveries. The 737 program is transitioning production to 38 per month, with plans to reach 50 per month in 2025/2026. For 2023, the company expects to deliver a total of 400-450 737s. The 787 program has increased production to four per month, with plans to ramp up to five by the end of 2023 and 10 per month during the 2025/2026 timeframe. Boeing expects to deliver 70-80 787 Dreamliners this year.
Commercial Airplanes booked 460 net orders during the quarter, including 220 for Air India and 39 for Riyadh Air. The company also secured a commitment from Ryanair for up to 300 737 MAX Family jets. During Q2 2023, Boeing delivered 136 commercial airplanes, and ended the quarter with a backlog of over 4,800 airplanes valued at $363 billion.
Boeing (NYSE: BA) is the world’s largest aerospace company and leading supplier of commercial airplanes, defense, space and security systems, as well as global services. The aerospace giant tops the list of the largest U.S. exporters, providing a significant positive impact to America’s annual GDP. Boeing supports government and commercial customers in over 150 countries and employs more than 160,000 team members worldwide. As Boeing continues to deliver for customers, they are committed to their legacy of aerospace leadership in technology and innovation and living the company’s core values of safety, quality and integrity.
Source: Boeing/PRNewswire