A Boeing 737 MAX 10 airliner pauses while taxiing on the flight line before its first flight at Renton Municipal Airport on June 18, 2021 in Renton, Washington.
Stephen Brashear | Getty Images
Boeing reported a $3.3 billion quarterly loss Wednesday as charges in its defense unit countered strides in its commercial aircraft business.
The manufacturer, however, generated nearly $3 billion in free cash flow in the three months that ended Sept. 30, up from outflows of $507 million a year earlier.
Here’s how Boeing performed compared with analysts’ estimates complied by Refinitiv:
- Adjusted loss per share: $6.18 vs. expected earnings per share of 7 cents.
- Revenue: $15.96 billion vs. $17.76 billion expected.
Boeing reported charges in its KC-46 tanker and Air Force One programs. The company previously disclosed losses of more than $1 billion associated with modifying two 747 jumbo jets to serve as Air Force One, a contract negotiated under former President Donald Trump.
“We’re squarely focused on maturing these programs, mitigating risks and delivering for our customers and their important missions,” Boeing CEO David Calhoun said in an employee note on Wednesday.
Calhoun and other aerospace executives have said supply chain problems and labor shortages are hindering increases in production.
“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.”
Boeing executives will discuss results on a 10:30 a.m. ET call Wednesday with analysts, where the company will likely face questions about potential production increases of commercial jets and its latest timeline on certification of the smallest and largest models of its best-selling 737 Max.
This is breaking news. Check back for updates.
