Boeing Reports Third Quarter Results

The Boeing Company (NYSE: BA) recently released its financial results for the third quarter of 2024, reflecting a revenue of $17.8 billion. The company reported a GAAP loss per share of ($9.97) and a core (non-GAAP) loss per share of ($10.44). These results were primarily impacted by the International Association of Machinists and Aerospace Workers (IAM) work stoppage and previously announced charges on commercial and defense programs.

Key financial highlights for the third quarter included the following:
– Revenue: $17.8 billion
– GAAP Loss from Operations: ($5,761) million
– Core Operating Loss: ($5,989) million
– Operating Cash Flow: ($1.3) billion
– Free Cash Flow: ($2.0) billion
– Total Company Backlog: $511 billion, including over 5,400 commercial airplanes

Boeing President and Chief Executive Officer, Kelly Ortberg, expressed optimism about the company’s future, stating, “It will take time to return Boeing to its former legacy, but with the right focus and culture, we can be an iconic company and aerospace leader once again.”

In the commercial airplanes segment, revenue for the quarter was $7.4 billion, with an operating margin of (54.0) percent. This was attributed to previously announced charges on the 777X and 767 programs, along with the impact of the IAM work stoppage.

Additionally, the Defense, Space & Security segment reported third quarter revenue of $5.5 billion, with an operating margin of (43.1) percent. The results were influenced by pre-tax charges on various programs and unfavorable performance on other projects.

On the Global Services front, revenue for the quarter reached $4.9 billion, with an operating margin of 17.0 percent. The segment secured agreements for various programs during the quarter, including landing gear exchange programs and spares contracts.

Boeing also provided a breakdown of its cash flow, marketable securities, and debt balances at the end of the quarter, indicating a strategic move to enhance liquidity with a new $10.0 billion short-term credit facility.

The company’s total backlog at quarter-end stood at $511 billion, underlining a strong demand for its products and services. Boeing remains focused on stabilizing the business, improving program execution, and setting the foundation for its future growth.

These results reflect Boeing’s commitment to navigating challenges and positioning itself for long-term success in the aerospace industry. Interested parties can find more detailed financial information in Boeing’s official filings with the Securities and Exchange Commission.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Boeing’s 8K filing here.

About Boeing

The Boeing Company, together with its subsidiaries, designs, develops, manufactures, sells, services, and supports commercial jetliners, military aircraft, satellites, missile defense, human space flight and launch systems, and services worldwide. The company operates through Commercial Airplanes; Defense, Space & Security; and Global Services segments.