Boeing ( BA) released its quarterly earnings this week, initiating its first quarterly profit since 2019 as production and orders for its 737 Max aircraft rise. Revenue of $17 billion was reported and earnings per share of 40 cents. Operating cash outflow increased to $483 million from $5.28 billion a year ago and $3.39 billion in the first quarter.
Commercial revenue climbed 268% to $6.015 billion, as deliveries increased to 79 from 20 a year ago. Defense revenue also rose 4% to $6.88 billion, boosted by higher P-8A Poseidon and KC-46A Tanker volume. Global services revenue jumped 17% to $4.07 billion. Boeing informed that while it was inspecting and reworking with issues on the 787 Dreamliner aircraft, production rates would drop below the current rate of five per month before gradually increasing output.
The 737 production program will slowly increase to 31 per month by early 2022 from the current 16 per month with further gradual increases based on market demand, the company informed. However, abnormally low production rates have incurred costs, totaling $1.08 billion through the six months of the year.
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. To learn more about Boeing (BA) and to track its ongoing progress please visit the Vista Partners Boeing (BA) Coverage Page.
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