Boeing Q3 Revenue Rises 4% to $24.2 Billion: Net Loss Narrows to $116 Million as 737 MAX 7 and MAX 10 Win U.S. Certification
Boeing reported third-quarter results on October 27, according to Reuters: revenue was $24.19 billion, up about 4% year over year, and the net loss narrowed sharply to $116 million from $5.34 billion a year earlier, a quarter that had absorbed a charge of nearly $4.9 billion tied to 777X certification delays. The GAAP loss was $0.26 per share, while the core (adjusted) loss was $0.34 per share, wider than the $0.21 loss analysts had expected on average, according to LSEG data.
By segment, Boeing Commercial Airplanes revenue was about $10.7 billion with an operating loss of $697 million and a margin of -6.5%, which the company attributed to a less profitable delivery mix and higher production costs; commercial deliveries totaled 161 airplanes in the quarter. The defense, space and security division grew revenue 15% to about $7.9 billion and earned roughly $500 million at a 6.2% margin, including a $252 million gain on the sale of a subsidiary. Boeing Global Services posted earnings of about $1 billion at an 18.3% margin. Total backlog reached about $745 billion, including more than 6,300 commercial airplanes valued at roughly $612 billion; free cash flow was $464 million and net debt eased to $25.2 billion.
During the quarter, the two newest members of the 737 MAX family won certification from the U.S. Federal Aviation Administration (FAA): the smallest variant, the 737 MAX 7, in August, and the largest, the 737 MAX 10, last week. Boeing also won the U.S. Navy's sixth-generation F/A-XX fighter contract. The company said it remained on track toward stabilized 737 production of 47 airplanes per month, though the ramp-up from 42 per month continued to be constrained by wing production capacity.
In a message to employees, CEO Kelly Ortberg said: 'Expectations are rising, and they should. We have a stronger foundation than a year ago, but we also have more work to do to deliver on our backlog, strengthen our culture, and improve how we work every day.'
Source: GSM · USA (original Chinese edition)
Photo: 图：一架西南航空波音737-8 MAX客机在 Baltimore-Washington 国际机场降落（Acroterion 摄，Wikimedia Commons，CC BY-SA 4.0）。Image: A Southwest Airlines Boeing 737-8 MAX landing at Baltimore-Washington International Airport (Acroterion, Wikimedia Commons, CC BY-SA 4.0).
