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Boeing Reports Third Quarter Net Loss of $3.3 Billion or $5.49 per Share

Boeing has reported a third quarter 2022 net loss of $3.3 billion or ($5.49) per share on a 4.0 percent year-over-year increase in revenue to $16.0 billion. At September 30, 2022, the company had an order backlog valued at $381 billion, including 4,300 commercial airplanes.

Boeing Reports Third Quarter 2022 Financial Results - Courtesy Boeing

On Wednesday (October 26, 2022), Boeing reported their third quarter financial results for the period ending September 30, 2022. The company reported a third quarter net loss of $3.3 billion or ($5.49) per share on a year-over-year increase in revenue of 4.0 percent to $16.0 billion. Boeing’s third quarter results reflect higher commercial volume, as well as losses on fixed-price defense development programs. During the quarter, the company generated operating cash flow of $3.2 billion. At September 30, 2022, Boeing had a total order backlog valued at $381 billion, including over 4,300 commercial airplanes. At the close of the third quarter, Boeing had cash, cash equivalents and marketable securities of $14.3 billion, up from $11.4 at the beginning of the quarter, as well as access to $12.0 billion in undrawn credit facilities.

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

“We continue to make important strides in our turnaround and remain focused on our performance. We generated strong cash in the quarter and are on a solid path to achieving positive free cash flow for 2022. At the same time, revenue and earnings were significantly impacted by losses on our fixed-price defense development programs. We’re squarely focused on maturing these programs, mitigating risks and delivering for our customers and their important missions. We remain in a challenging environment and have more work ahead to drive stability, improve our performance and ensure we’re consistently delivering on our commitments. Despite the challenges, I'm proud of our team and the progress we’ve made to strengthen our company.”

Boeing's Third Quarter 2022 Financial Results - Courtesy Boeing

During the third quarter, Boeing Commercial Airplanes' revenue increased year-over-year by 40 percent to $6.3 billion, primarily driven by the resumption od 787 Dreamliner deliveries and higher 737 deliveries. Since late 2020, the global Boeing 737 MAX fleet has completed nearly 1.0 million revenue flights. Boeing secured net orders for 227 aircraft during Q3, including 167 737s, 27 767s, 18 777s, and 15 787s. Commercial Airplanes delivered 112 aircraft during the quarter, including 88 737s, nine 767s, six 777s, and nine 787 Dreamliners.

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 afternoon (October 26, 2022), shares in The Boeing Company (NYSE: BA), were down 3.55% to $141.44/share (12:24 PM EDT).

Source: Boeing/PRNewswire


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