Boeing posted a quarterly net loss of more than $3.3 billion in three months to September 30, from $132 million in the same period last year, driven by a drop in the defence, space and security business division.
The company’s loss per share in the third quarter expanded to $5.49 from $0.19 in the same period last year. Total company backlog at quarter-end stood at $381bn.
The US plane maker’s revenue jumped 4.4 per cent annually to almost $16bn, the company said in a statement.
"We continue to make important strides in our turnaround and remain focused on our performance," said Dave Calhoun, Boeing president and chief executive.
"We generated strong cash in the quarter and are on a solid path to achieving positive free cash flow for 2022. At the same time, revenue and earnings were significantly impacted by losses on our fixed-price defence development programmes,” Mr Calhoun said.
The company’s stock dropped almost 1 per cent in pre-market trading to $145.25 a share.
The operating cash flow improved to $3.2bn in the quarter, reflecting higher commercial deliveries, favourable receipt timing and a tax refund, the company said.
The commercial planes division’s third-quarter revenue increased 40 per cent yearly to $6.3bn, driven by the resumption of 787 deliveries and higher 737 deliveries.
The company said it resumed 787 deliveries in late August, following “comprehensive reviews” to ensure each plane meets the highest standards. The programme is producing at a low rate with an expected gradual return to five per month over time.
During the quarter, the company secured net orders for 227 aircraft — including 167 737s, 27 767s, 18 777s and 15 787 planes.
Commercial airplanes delivered 112 airplanes during the quarter and backlog included over 4,300 airplanes valued at $307bn.
Revenue from defence, space and security unit dropped 20 per cent to $5.3bn in the third quarter. It was mainly due to $2.8bn of losses on certain fixed-price development programmes, driven by higher estimated manufacturing and supply chain costs, and technical challenges, Boeing said.
During the July-September period, Boeing’s defence, space and security arm delivered 34 aircraft and two satellites, including the first four MH-139A Grey Wolf helicopters to the US Air Force. Backlog at the unit stood at $55bn, of which 31 per cent represents orders from customers outside the US.
Global services third-quarter revenue increased 5 per cent to $4.4bn.
“We remain in a challenging environment and have more work ahead to drive stability, improve our performance and ensure we are consistently delivering on our commitments. Despite the challenges, I am proud of our team and the progress we have made to strengthen our company,” Mr Calhoun said.
The company’s cash and investments in marketable securities increased to $14.3bn, compared to $11.4bn at the beginning of September quarter. The company said it has access to credit facilities of $12bn, which remain undrawn.
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
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UAE currency: the story behind the money in your pockets
RESULTS
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What is tokenisation?
Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets.
Sweet%20Tooth
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The specs
Engine: 1.4-litre 4-cylinder turbo
Power: 180hp at 5,500rpm
Torque: 250Nm at 3,00rpm
Transmission: 5-speed sequential auto
Price: From Dh139,995
On sale: now
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3C%2Fstrong%3E%3A%20ASI%20(formerly%20DigestAI)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Quddus%20Pativada%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Artificial%20intelligence%2C%20education%20technology%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%243%20million-plus%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20GSV%20Ventures%2C%20Character%2C%20Mark%20Cuban%3C%2Fp%3E%0A
Turning%20waste%20into%20fuel
%3Cp%3EAverage%20amount%20of%20biofuel%20produced%20at%20DIC%20factory%20every%20month%3A%20%3Cstrong%3EApproximately%20106%2C000%20litres%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EAmount%20of%20biofuel%20produced%20from%201%20litre%20of%20used%20cooking%20oil%3A%20%3Cstrong%3E920ml%20(92%25)%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3ETime%20required%20for%20one%20full%20cycle%20of%20production%20from%20used%20cooking%20oil%20to%20biofuel%3A%20%3Cstrong%3EOne%20day%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EEnergy%20requirements%20for%20one%20cycle%20of%20production%20from%201%2C000%20litres%20of%20used%20cooking%20oil%3A%3Cbr%3E%3Cstrong%3E%E2%96%AA%20Electricity%20-%201.1904%20units%3Cbr%3E%E2%96%AA%20Water-%2031%20litres%3Cbr%3E%E2%96%AA%20Diesel%20%E2%80%93%2026.275%20litres%3C%2Fstrong%3E%3C%2Fp%3E%0A
STAY%2C%20DAUGHTER
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The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
Racecard
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