Boeing Co. today reported lower quarterly earnings partly because of its defense business.
The Arlington, Va.-based company posted a second-quarter profit of $160 million, or 32 cents a share, down from $567 million, or $1 a share, a year earlier. Quarterly revenue dripped to $16.7 billion from almost $17 billion a year earlier.
Boeing said it incurred a “core” loss of 37 cents a share, compared with a “core” profit of 40 cents a share during same period last year. That was worse than analyst estimates of a “core” loss of 14 cents a share, according to CNBC.
The company said it had operating cash flow of $81 million for the quarter, compared with a cash burn of $483 million during same period last year.
Boeing’s Defense, Space & Security unit had an operating profit of $71 million, down from $958 million in 2021’s second quarter. Revenue for the unit dipped 10 percent to $6.2 billion.
The company’s MQ-25 aerial refueling drone program recorded $147 million charge for higher costs to meet “certain technical requirements,” Boeing said in a statement.
Boeing’s commercial aircraft operating loss of $242 million, compared with an operating deficit of $472 million a year earlier. Boeing’s commercial aircraft deliveries soared to 121 from 79 a year earlier.
The aircraft maker said it has nearly completed the global return of the 737 Max to service. Boeing is now producing 31 737 Maxs a month. The 737 Max was grounded in 2019 following two fatal crashes.
“Even with demand high, we won’t chase production rates or push our system too fast,” CEO Dave Calhoun said in a letter to employees. “While we are making progress, we have more work to do.”
Boeing also said it continues to work with the Federal Aviation Administration so the company can resume deliveries of its 787 Dreamliner following production problems. Calhoun’s letter described the process as being in its “final stages.”
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