A Boeing 737 MAX 10 aircraft stops en route before its maiden flight at Renton Municipal Airport on June 18, 2021 in Renton, Washington.
Stephen Brashear | beautiful pictures
Boeing reported a $3.3 billion quarterly loss on Wednesday as a result of allegations in its defense unit that countered strides in its commercial aircraft business.
However, the manufacturer generated nearly $3 billion in free cash flow in the three months ended September 30, up from $507 million a year earlier.
Here’s how Boeing performs against analyst estimates compliant with Refinitiv:
- Adjusted loss per share: $6.18 versus expected earnings per share of 7 cents.
- Turnover: $15.96 billion versus $17.76 billion expected.
Boeing reported the allegations in its KC-46 and Air Force One refueling programs. The company previously revealed damage more than 1 billion dollars involved the modification of two 747 jets to serve as Air Force One, a contract negotiated under former President Donald Trump.
“We’re focused on perfecting these programs, mitigating risks, and delivering on our customers and their mission-critical missions,” Boeing CEO David Calhoun said in a note. of employees on Wednesday.
Calhoun and other aerospace executives say supply chain problems and labor shortages are hinder the increase in production.
“We are realistic about the environment we face and are taking comprehensive action,” Calhoun wrote to employees Wednesday. “In our manufacturing facilities, we’re not pushing the system too quickly. We’re slowing down when necessary and working hard to make sure the job gets done in order.”
Boeing executives will discuss the results during a 10:30 a.m. ET call on Wednesday with analysts, where the company is likely to face questions about its ability to ramp up production. amount of commercial jet and the latest timeline for certification of the smallest and largest models of the best-selling 737 Max.
This is breaking news. Check for updates again.