Commercial aircraft manufacturer Boeing Co. (BA) has reported mixed financial results for this year’s third quarter and taken a $4.9 billion U.S. charge on delays of its 777X wide-body plane.
The Virginia-based company reported a loss per share of -$7.47 U.S., which was much worse than a loss of -$4.59 U.S. that had been expected on Wall Street.
However, revenue in the period totaled $23.27 billion U.S., which was ahead of the $21.97 billion U.S. consensus expectation of analysts.
Boeing’s management team said the company is on track to deliver the most aircraft since 2018, before two crashes grounded its best-selling plane.
And Boeing generated free cash flow of $238 million U.S., the first of its kind in two years.
But the company took a nearly $5 billion U.S. charge related to ongoing delays in delivering its 777X airplane. Boeing says it now expects the first delivery in 2027.
Through the first nine months of this year, Boeing delivered 440 airplanes, up from 291 in the same period last year.
The year 2024 was supposed to mark a turnaround for Boeing, but a midair blowout of a door panel led to increased federal scrutiny that slowed production.
Earlier this October, the U.S. Federal Aviation Administration (FAA) removed a production cap for Boeing’s 737 Max plane to 42 per month from 38, allowing the company to boost production
Still, problems persist at the company. About 3,200 of Boeing’s defense unit workers who make F-15 fighter jets and missile systems have been on strike since the summer.
BA stock is up 30% this year and trading at $223.33 U.S. per share.
