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  • Joe Breitfeller

Boeing Reports Third Quarter 2021 Net Loss of $132 Million on $15.3 Billion in Revenue

Boeing has reported a third quarter 2021 GAAP net loss of $132 million or ($0.19) per share on revenue of $15.3 billion, and a core non-GAAP loss of ($0.60) per share. The company ended the third quarter with cash and marketable securities of $20 billion.

Boeing Reports Third Quarter 2021 Financial Results - Courtesy Boeing

On Wednesday (October 27, 2021), Boeing reported their third quarter financial results for the period ending September 30, 2021. The company reported a third quarter GAAP net loss of $132 million or ($0.19) on an 8 percent year-over-year increase in revenue to $15.3 billion in revenue. The company's non-GAAP core operating loss of $59 million or ($0.60) per share. During the third quarter, Boeing added 93 net commercial airplanes orders and ended the quarter with a commercial airplanes backlog valued at $290 billion. At September 30, 2021, the company had cash and marketable securities totaling $20 billion and total consolidated debt of $62.4 billion.

In Wednesday’s announcement, Boeing’s President and Chief Executive Officer, David Calhoun, said,

“We are driving stability across our operations, investing in our future and positioning our teams to deliver for our customers as the market recovers. Commercial market demand continues to gain traction with broad-based vaccine distribution and border protocols beginning to open. Going forward, supply chain capacity and global trade will be key drivers of our industry and the broader economy's recovery. Our portfolio across commercial, defense, space and services is well positioned, and we're focused on improving performance, while advancing technologies and digital manufacturing capabilities to drive our next generation of products and a sustainable future.”

Summary of Boeing's Third Quarter 2021 Financial Results - Courtesy Boeing

During the third quarter, Boeing Commercial Airplanes’ revenue increased 24 percent year-over-year to $4.5 billion, primarily driven by higher 737 deliveries, partially offset by reduced 787 deliveries. Commercial Airplanes received orders for 70 737 MAX, 24 freighter and 12 787 airplanes during Q3 and delivered 85 airplanes, ending the period with a backlog of 4,100 commercial airplanes valued at $290 billion.

Since the FAA’s approval for the return to service of the 737 MAX Family of aircraft in November 2020, Boeing has delivered more than 195 of the type, with airline operators returning an additional 200 previously grounded MAX airplanes to service. Currently, 31 airlines are operating the 737 MAX, safely flying over 206,000 revenue flights and over 500,000 flight hours (as of October 24, 2021). Boeing is currently producing 19 737s per month, with plans to increase the production rate to 31 by early 2022.

Boeing continues to focus 787 production resources on inspections and rework and continues discussions with the FAA regarding the action required for resuming deliveries. Currently, Boeing is producing around two 787s per month until deliveries resume, and plans to gradually increase production to five per month. The company expects that the low 787 production rate and rework will result in approximately $1.0 billion in abnormal costs, including $183 million which was recorded in Q3 2021.

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 will continue investing in their people for future growth.

In pre-market trading Wednesday morning (October 27, 2021), shares in Boeing (NYSE: BA) were up 1.80% at $213.58/share (9:19 AM EDT)

Source: Boeing/PR Newswire

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