Boeing reports Q2 results with revenue increase

SAN FRANCISCO, July 26 (Xinhua) -- The Boeing Company on Wednesday reported revenue of 19.75 billion U.S. dollars for the second quarter of 2023, an 18 percent increase compared to the same period of 2022.

The company reported its GAAP (generally accepted accounting principles) loss per share at 0.25 dollars and core loss per share (non-GAAP) at 0.82 dollars, mainly driven by lower defense margins.

"We had a solid second quarter with improved deliveries and strong free cash flow generation. We are well positioned to meet the operational and financial goals we set for this year and for the long term," said Dave Calhoun, Boeing president and chief executive officer.

"We are making progress in our recovery and driving stability in our factories and the supply chain to meet our customer commitments. With demand strong, we're steadily increasing our production rates across key programs and growing investments in our people, products and technologies," he added.

The company's Commercial Airplanes second-quarter revenue increased 41 percent to 8.8 billion dollars, driven by higher 737 deliveries. During the quarter, Commercial Airplanes booked 460 net orders.

Boeing delivered 136 commercial aircraft in the quarter, an increase of 12 percent from the same period of last year. The company's half year delivery was 266.

According to Boeing, the 737 program is transitioning production to 38 per month and plans to reach 50 per month in the 2025/2026 timeframe. The program still expects to deliver 400 to 450 airplanes this year.

The 787 program increased production to four per month with plans to ramp to five per month in late 2023 and 10 per month in the 2025/2026 timeframe. The program still expects to deliver 70 to 80 airplanes this year.

The company's Global Services second-quarter revenue increased 10 percent to 4.75 billion dollars.

Its cash and investments in marketable securities totaled 13.8 billion dollars, compared to 14.8 billion dollars at the beginning of the quarter. Debt was 52.3 billion dollars, down from 55.4 billion dollars at the beginning of the quarter due to the pay down of maturing debt.

Boeing recorded a positive operating cash flow of 2.9 billion dollars and free cash flow of 2.6 billion dollars (non-GAAP).