Boeing (NYSE: BA) reported a quarterly loss Wednesday amid disappointing third-quarter earnings. The move comes amid issues in its defense unit that affected progress in its commercial aircraft business.
The multinational corporation reported an earnings loss of USD6.18 per share, compared to the expected earnings of USD0.07 a share. Revenue amounted to USD15.96 Billion, lower than analysts anticipated USD17.76 Billion.
“We continue to make important strides in our turnaround and remain focused on our performance,” said Dave Calhoun, Boeing President, and Chief Executive Officer. “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.”
The company’s commercial unit’s revenue rose 40% from the previous year to USD6.26 Billion. It delivered 112 planes in the third quarter, a rise from 85 the year earlier. Furthermore, deliveries of its 787 Dreamliner began again in August following previous manufacturing concerns.
“We’re realistic about the environment we face and are taking comprehensive action,” Calhoun wrote to staff Wednesday. “Within our production facilities, we’re not pushing the system too fast. We’re slowing down when necessary and working hard to ensure work gets completed in sequence.”