• Multi billion loss for Boeing

    From Aviation HQ@2:292/854 to All on Wed Oct 26 16:18:07 2022
    Boeing took a multi-billion dollar loss in the third quarter, mainly due to losses in the defense program due to higher costs that could not be passed on, because the delivery prices were already fixed. This is evident from the quarterly figures of the American aircraft manufacturer on Wednesday.

    The adjusted loss per share from core activities was $6.18 in the quarter. Last year, this loss was $0.60. Analysts had expected earnings of $0.13 per share for the quarter.

    Revenue grew 4% year-on-year to nearly $16.0 billion. Analysts had expected an increase to $17.9 billion.

    In its Defense, Space & Security division, sales fell 20 percent to $5.3 billion and profit for the third quarter of 2021 flipped from $436 million to a loss of $2.8 billion. This concerns programs with a fixed agreement on prices at which Boeing will deliver, while in the past quarter the costs for production, deliveries and technology were much higher than budgeted.

    At the Commercial Airplanes division, the operating loss decreased from $693 million to $643 million. Here, sales rose 40 percent to $6.2 billion.

    Boeing has an order book of $381 billion. That includes 4,300 commercial aircraft.

    The debt position remained stable at $57.2 billion at the end of the third quarter.

    Boeing shares appear to start 1.0 percent higher today.

    --- DB4 - 20220519
    * Origin: AVIATION ECHO HQ (2:292/854)