Boeing Co. generated operating cash flow of $2.9 billion and free cash flow of $2.6 billion in Q2, reflecting higher commercial volume and lower defense margins, the company said today.
The company reported a revenue of $19.8 billion compared to last year’s $16.6 billion.
The quarterly net loss was $149 million, or 25 cents per share, down from a $160 million revenue, or 32 cents per share, this time last year. Core operating loss came to $390 million, or 82 cents per share.
Boeing delivered 136 commercial airplanes during the quarter. The Arlington, Va.-based company says it has increased 787 production to four per month, with plans to produce five per month in late 2023. The 737 program is transitioning production to 38 per month and plans to reach 50 per month in the 2025/2026 timeframe.
"We had a solid second quarter with improved deliveries and strong free cash flow generation. We are well positioned to meet the operational and financial goals we set for this year and for the long term," says Dave Calhoun, Boeing president and CEO.
"While we have more work ahead, we are making progress in our recovery and driving stability in our factories and the supply chain to meet our customer commitments. With demand strong, we're steadily increasing our production rates across key programs and growing investments in our people, products and technologies."
Boeing’s earnings were posted the same day the United States Federal Aviation Administration announced it is requiring airplane manufacturers to submit and disclose safety critical information to the agency, as reported by Reuters.
The draft policy, which comes after two fatal Boeing 737 MAX crashes killed 346 people in 2018 and 2019, was mandated by Congress in 2020 and is open to public comment through Aug. 25.
The FAA "will establish milestones throughout the certification process that will help the agency assess whether any design changes to airplane systems should be considered novel or unusual, and therefore require additional scrutiny,” says the agency.
