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Boeing reports third-quarter loss of $3.3 billion

2022-10-26T12:21:24.379Z


Boeing's stock still rose 1.4% in electronic trading before the opening of Wall Street. Boeing took a hefty $3.3 billion loss in the third quarter on higher costs for its defense programs, including the Air Force One presidential jet and its KC-46 tanker. " Our revenues and earnings were significantly impacted by losses on fixed-price development programs in our defense businesses due to estimated higher manufacturing and supply costs as well as technical challenges ," the report sai


Boeing took a hefty $3.3 billion loss in the third quarter on higher costs for its defense programs, including the Air Force One presidential jet and its KC-46 tanker.

"

Our revenues and earnings were significantly impacted by losses on fixed-price development programs in our defense businesses due to estimated higher manufacturing and supply costs as well as technical challenges

," the report said. a message to employees Dave Calhoun, the boss of the American aircraft manufacturer.

Virtually every industry is facing challenges related to supply, inflation, labor and the macroeconomic situation – and we are certainly no exception

,” added Dave Calhoun.

We are realistic about the environment we face and are taking comprehensive action

,” he continued.

Read alsoBoeing integrates the SME Mecadaq into its “French team”

From July to September, the loss per share of Boeing, adjusted for exceptional items, was 6.18 dollars, where analysts had expected an increase of 2 cents.

Its turnover amounted to 16 billion dollars, up 4% over one year but far from the 17.9 billion dollars expected by the market.

Among the good news, Boeing said it is on track to achieve positive free cash flow in 2022, a measure that gives an indication of a company's ability to invest or pay dividends to its shareholders.

The market seemed to be focused on that aspect, with Boeing's stock rising 1.4% in electronic trading ahead of the opening of Wall Street.

Source: lefigaro

All business articles on 2022-10-26

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