Boeing Co. today reported a quarterly deficit after the aircraft maker recorded $2.8 billion in losses in its defense unit.
Arlington, Va.-based Boeing posted a loss of $3.3 billion, or $5.49 a share, for the third quarter. That compares with a year-earlier loss of $132 million, or 19 cents.
Boeing said its quarterly adjusted, or core, loss was $3.08 billion, or $6.18 a share. On that basis, analysts had expected a profit of 7 cents a share, according to CNBC.
The defense unit losses came from five fixed-price programs, including the KC-46A tanker and an Air Force One contract. The programs had “higher estimated manufacturing and supply chain costs, as well as technical challenges,” Boeing said.
“We’re squarely focused on maturing these programs, mitigating risks and delivering for our customers and their important missions,” CEO Dave Calhoun said in a letter to employees.
The company’s revenue for the quarter rose to almost $16 billion, up from $15.3 billion a year earlier.
Boeing’s commercial aircraft business boosted deliveries to 112 planes for the quarter, up from 85 for the same period in 2021. Revenue for the unit soared 40 percent to $6.3 billion.
The company resumed 787 Dreamliner deliveries in August. The move followed extensive reviews to improve quality. The 787 program is operating at a low production rate. Boeing intends to resume output of five planes a month “over time,” the aircraft maker said.
“We continue to make important strides in our turnaround effort,” Calhoun said in his letter. “That said, we remain in a challenging environment and have more work ahead.”
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