Boeing has reported a third quarter net loss of $1.64 billion or ($2.70) per share on a year-over-year increase in revenue of 13 percent to $18.1 billion. At the end of Q3, the company’s backlog was valued at $469 billion, including over 5,100 commercial airplanes.
On Wednesday (October 25, 2023), Boeing reported their third quarter financial results for the period ending September 30, 2023. The company reported a third quarter net loss of $1.64 billion or ($2.70) per share on a year-over-year increase in revenue of 13 percent to $18.1 billion. Boeing’s third quarter results were impacted by unfavorable defense performance and lower 737 deliveries. At September 30, 2023, Boeing’s order backlog was valued at $469 billion, including more than 5,100 commercial airplanes valued at $392 billion.
In Wednesday’s announcement, Boeing’s President and Chief Executive Officer, Dave Calhoun, said,
“We continue to progress in our recovery and despite near-term challenges, we remain on track to meet the financial goals we set for this year and for the long term. We are focused on driving stability in our supply chain and improving operational performance as we steadily increase production rates to meet strong demand. The important work we're doing to add rigor around our quality systems and build a culture of transparently bringing forward any issue, no matter the size, can bring short-term challenges – but it is how we set ourselves on the right course for our long-term future. Leading with safety, quality, and transparency, we will continue to restore our operational and financial strength.”
Boeing Commercial Airplane’s third quarter revenue increased versus Q3 2022 by 25 percent to $7.9 billion driven by higher 787 Dreamliner deliveries. During Q3, the company delivered 105 commercial airplanes, down from 112 in the third quarter last year. Boeing booked 398 net orders during the period, including 150 737-10 MAX airplanes for Ryanair, 50 787 Dreamliners for United Airlines, and 39 787s for Saudi Arabian Airlines (SAUDIA).
Regarding the 737 program, a supplier non-conformance issue was identified on the aft pressure bulkhead on certain airplanes, which will impact near-term production and deliveries. The company expects to complete their 737 final assembly transition to 38 per month by the end of 2023. The 787 program is now transitioning to a production rate of five per month, with a planned increase to 10/month in the 2025-2026 timeframe. Boeing still expects to deliver 70-80 787s this year.
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.
In trading Wednesday morning (October 25, 2023), shares in the Boeing Company (NYSE: BA), were down 1.36% to $179.88/share (9:51 AM EDT).
Source: Boeing/PRNewswire