Boeing reports Q2 results with 44 pct revenue increase

SAN FRANCISCO, July 28 (Xinhua) -- The Boeing Company on Wednesday reported 2021's second-quarter revenue of 16.998 billion U.S. dollars, a 44 percent increase compared to the same period of 2020, driven by higher commercial airplanes and services volume.

Its generally accepted accounting principles (GAAP) earnings per share of 1.00 dollar and core earnings per share (non-GAAP) of 0.40 dollar primarily reflect higher commercial volume and lower period costs, the company said.

The company's Commercial Airplanes second-quarter revenue increased to 6.0 billion dollars primarily driven by higher commercial airplane deliveries.

In commercial airplane programs, Boeing delivered 79 aircraft in the quarter, an increase of 295 percent from 20 aircraft in the same period of last year. The year-to-date delivery reached 156, including five 737s to China's ICBC Leasing. The backlog included over 4,100 airplanes valued at 285 billion U.S. dollars.

The company's Global Services second-quarter revenue increased to 4.1 billion U.S. dollars.

"We continued to make important progress in the second quarter as we focus on driving stability across our operations and transforming our business for the future," said Boeing President and Chief Executive Officer David Calhoun. "While our commercial market environment is improving, we're closely monitoring COVID-19 case rates, vaccine distribution and global trade as key indicators for our industry's stability."

Since the Federal Aviation Administration (FAA)'s approval to return the 737 MAX to operations in November 2020, Boeing has delivered more than 130 737 MAX aircraft and airlines have returned more than 190 previously grounded airplanes to service, according to the company.

The 737 program is currently producing at a rate of approximately 16 per month and continues to expect to gradually increase production to 31 per month in early 2022 with further gradual increases to correspond with market demand.

The company said it is conducting inspections and rework and continues to engage in detailed discussions with the FAA on verification methodology for 787. The 787 production rate will temporarily be lower than five per month and will gradually return to that rate.

Boeing expects to deliver fewer than half of the 787s currently in inventory this year.