Boeing reports Q2 financial results with declined revenue, net loss

SAN FRANCISCO, July 31 (Xinhua) -- The Boeing Company reported on Wednesday a second-quarter revenue of 16.87 billion U.S. dollars, a 15 percent decline year on year, with quarterly net loss of 1.44 billion dollars.

The company recorded a loss per share of 2.33 dollars, and an operating cash flow of minus 3.9 billion dollars.

The results primarily reflect lower commercial delivery volume and losses on fixed-price defense development programs, according to Boeing.

Boeing's commercial airplanes second-quarter revenue of 6.0 billion dollars and operating margin of minus 11.9 percent primarily reflect lower deliveries and planned higher period costs, including research and development, the company said.

Commercial airplanes delivered 92 airplanes during the quarter and backlog included over 5,400 airplanes valued at 437 billion dollars.

Boeing's Defense, Space & Security revenue in the second quarter was 6.0 billion dollars. The quarterly operating margin of minus 15.2 percent primarily reflects 1.0 billion dollars of losses on certain fixed-price development programs, the company said.

During the quarter, the company submitted its comprehensive safety and quality plan to the Federal Aviation Administration (FAA). The 737 program gradually increased production and is scheduled to increase to 38 per month by the year end. The 787 program maintains plans to return to 5 per month.

In July, the company announced an agreement to acquire Spirit AeroSystems, and the 777X program began FAA certification flight testing after obtaining type inspection authorization, Boeing said.

"Despite a challenging quarter, we are making substantial progress strengthening our quality management system and positioning our company for the future," said Dave Calhoun, Boeing president and chief executive officer.