Boeing Reports Third-Quarter Loss Exceeding Analyst Expectations
Boeing reported a third-quarter adjusted loss of 34 cents per share, missing analyst forecasts due to production bottlenecks and supply-chain challenges.
The Boeing Company reported a third-quarter adjusted loss of 34 cents per share on October 27, exceeding Wall Street forecasts of a 21-cent loss. While the result is a significant improvement over the nearly $6 billion loss recorded in the same quarter last year, the company struggled with production delays and supply-chain bottlenecks. Specifically, Boeing failed to increase 737 output to 47 jets per month due to issues with wing production.
Financial performance diverged across business units. Boeing Commercial Airplanes recorded an operating loss of $697 million, while Boeing Global Services earned $1 billion and the defense division earned nearly $500 million. The company ended the quarter with $25.2 billion in net debt. During the period, Boeing delivered 161 commercial aircraft, including 124 737s and 22 787 Dreamliners.
Operational gains included the Federal Aviation Administration certification of the 737 MAX 7 and MAX 10 variants. Additionally, the company secured a multibillion-dollar contract from the United States Navy to develop the sixth-generation F/A-XX fighter aircraft. CEO Kelly Ortberg acknowledged the need to strengthen company culture and deliver on the existing backlog to meet rising expectations.
