Boeing Reports Second Quarter Net Income of $160 Million or $0.32 Per Share
Boeing has reported a second quarter 2022 net income of $160 million or $0.32 per share on a 2.0 percent year-over-year decline in revenue to $16.7 billion. At June 30, 2022, Boeing had a total order backlog of $372 billion, including over 4,200 commercial airplanes.
On Wednesday (July 27, 2022), Boeing reported their second quarter financial results for the period ending June 30, 2022. The company reported a second quarter net income of $160 million or $0.32 per share on a year-over-year decline in revenue of 2.0 percent to $16.7 billion. At the end of the quarter, Boeing had a total order backlog valued at $372 billion, including 4,200 commercial airplanes. Boeing’s cash and marketable securities at June 30, 2022 totaled $11.4 billion, down from $12.3 billion at the end of the first quarter, primarily attributable to debt repayment. The company also has access to $14.7 billion in undrawn credit facilities.
In Wednesday’s announcment, Boeing’s President and Chief Executive Officer, Dave Calhoun, said,
“We made important progress across key programs in the second quarter and are building momentum in our turnaround. As we begin to hit key milestones, we were able to generate positive operating cash flow this quarter and remain on track to achieve positive free cash flow for 2022. While we are making meaningful progress, we have more work ahead. We will stay focused on safety, quality and transparency, as we drive stability, improve performance, and continue to invest in our future.”
Boeing's Second Quarter 2022 Financial Results and Commercial Airplanes Performance Summaries - Courtesy Boeing
Boeing Commercial Airplanes’ second quarter revenue increased 3.0 percent compared to the same period last year to $6.2 billion, driven by higher 737 MAX deliveries, partially offset by lower 787 Dreamliner deliveries. The company delivered 121 commercial airplanes during Q2, up 53 percent compared to Q2 2021. Boeing has nearly completed the global safe return of the 737 MAX fleet, which has now flown over 1.5 million flight hours since late 2020. During the second quarter, the 737 production rate increased to 31 airplanes per month. The company continues to work with the FAA to finalize actions to resume 787 Dreamliner deliveries. Production will remain low until deliveries resume, but is expected to gradually return to five per month over time.
Commercial Airplanes secured orders for 169 737 MAX and 13 freighters during the second quarter, including seven 777-8 Freighters from Lufthansa Group. At June 30, 2022, Boeing Commercial Airplanes had an order backlog of over 4,200 airplanes valued at $297 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.