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Boeing reports Q2 revenue with 2 pct decrease

SAN FRANCISCO
2022-07-28 03:41

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SAN FRANCISCO, July 27 (Xinhua) -- The Boeing Company on Wednesday reported a revenue of 16.681 billion U.S. dollars for the second quarter of 2022, a 2 percent decrease compared to the same period of 2021.

The company reported its GAAP earnings per share at 0.32 dollars and core loss per share (non-GAAP) at 0.37 dollars, driven by lower defense volume and unfavorable performance, and partially offset by higher commercial volume.

Boeing recorded a positive operating cash flow of 0.1 billion dollars, reflecting higher commercial deliveries and timing of receipts and expenditures.

"We made important progress across key programs in the second quarter and are building momentum in our turnaround," said Dave Calhoun, Boeing president and chief executive officer.

"While we are making meaningful progress, we have more work ahead. We will stay focused on safety, quality and transparency, as we drive stability, improve performance, and continue to invest in our future," he added.

The company's Commercial Airplanes second-quarter revenue increased to 6.2 billion dollars, driven by higher 737 deliveries and partially offset by lower 787 deliveries.

In Commercial Airplanes programs, Boeing delivered 121 aircraft in the quarter, an increase of 53 percent from the same period of last year. The company's year-to-date delivery was 216. The backlog included over 4,200 airplanes valued at 297 billion dollars.

The company's Global Services second-quarter revenue increased to 4.3 billion dollars.

In its Defense, Space and Security programs, a total of 40 aircraft were delivered in the second quarter, and the revenue decreased to 6.2 billion dollars and second-quarter operating margin decreased to 1.1 percent, primarily driven by charges on fixed-price development programs.

According to Boeing, it has nearly completed the global safe return to service of the 737 MAX and the fleet has flown more than 1.5 million total flight hours since late 2020.

On the 787 program, the company continues to work with the FAA to finalize actions to resume deliveries and is readying airplanes for delivery, Boeing said.
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