Dow 30 component Boeing (NYSE: BA) is the world’s largest aerospace company and leading manufacturer of commercial jetliners and defense, space and security systems.
Boeing reported Q3 earnings on Wednesday falling short of what analysts expected, as the company battles to recover from two fatal crashes of its flagship 737 Max aircraft.
Key takeaways from the earnings report:
- Revenue of $20 billion was reported, versus $19.65 billion as per Bloomberg-compiled estimates.
- EPS stood at $1.45 vs. $2.17 expected, as per Bloomberg-compiled estimates.
- Boeing’s commercial airplane unit brought in $8.3 billion as revenue for the third quarter.
- The grounding of the 737 Max jet hurt Boeing another $900 million during this quarter.
- Boeing’s defense and space business witnessed quarterly revenue increase by 2% year-over-year, logging $7 billion in the third quarter in comparison to $6.9 billion for the same period last year.
- Boeing’s services business continued to grow bringing in $4.7 billion.
- Boeing’s third-quarter operating cash flow was negative $2.4 billion.
- Boeing delivered a total of 62 airplanes during the third quarter.
“We continue to see broad support for our products from the Pentagon, NASA, and Congress,” Boeing CEO Dennis Muilenburg said during the company’s call with shareholders.
Recently, Boeing introduced changes in its leadership team and is continuing efforts to bring back its Max aircraft. Muilenburg to testify before a congressional transportation panel on Oct. 30
“I anticipate there will be tough questions, challenging questions, a lot of scrutiny. And, frankly, we support the scrutiny on the work that we’re doing,” stated Muilenburg.
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