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 WORST THING YOU CAN EAT'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
UAE currency: the story behind the money in your pockets
THE SPECS
Engine: 1.5-litre, four-cylinder turbo
Transmission: seven-speed dual clutch automatic
Power: 169bhp
Torque: 250Nm
Price: Dh54,500
On sale: now
TOURNAMENT INFO
Fixtures
Sunday January 5 - Oman v UAE
Monday January 6 - UAE v Namibia
Wednesday January 8 - Oman v Namibia
Thursday January 9 - Oman v UAE
Saturday January 11 - UAE v Namibia
Sunday January 12 – Oman v Namibia
UAE squad
Ahmed Raza (captain), Rohan Mustafa, Mohammed Usman, CP Rizwan, Waheed Ahmed, Zawar Farid, Darius D’Silva, Karthik Meiyappan, Jonathan Figy, Vriitya Aravind, Zahoor Khan, Junaid Siddique, Basil Hameed, Chirag Suri
Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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LAST-16 FIXTURES
Sunday, January 20
3pm: Jordan v Vietnam at Al Maktoum Stadium, Dubai
6pm: Thailand v China at Hazza bin Zayed Stadium, Al Ain
9pm: Iran v Oman at Mohamed bin Zayed Stadium, Abu Dhabi
Monday, January 21
3pm: Japan v Saudi Arabia at Sharjah Stadium
6pm: Australia v Uzbekistan at Khalifa bin Zayed Stadium, Al Ain
9pm: UAE v Kyrgyzstan at Zayed Sports City Stadium, Abu Dhabi
Tuesday, January 22
5pm: South Korea v Bahrain at Rashid Stadium, Dubai
8pm: Qatar v Iraq at Al Nahyan Stadium, Abu Dhabi
