Boeing narrows losses as Covid-19 recovery continues
Boeing has reported third-quarter revenue of $15.3 billion, driven by higher commercial airplanes and services volume.
The company reported a net loss of $132 million, or a GAAP loss per share of $0.19, for the period.
The figure for the same period last year was $466 million, illustrating the beginning of a recovery from the impact of Covid-19.
“We are driving stability across our operations, investing in our future and positioning our teams to deliver for our customers as the market recovers,” said Boeing chief executive, David Calhoun.
“Commercial market demand continues to gain traction with broad-based vaccine distribution and border protocols beginning to open.”
He added: “Our portfolio across commercial, defence, space and services is well positioned, and we are focused on improving performance, while advancing technologies and digital manufacturing capabilities to drive our next generation of products and a sustainable future.”
In the nine months to the end of September, Boeing lost $126 million, a sharp improvement on losses of $3.5 billion seen in the same period of 2020.
Cash and investments in marketable securities decreased to $20 billion, compared to $21 billion at the beginning of the quarter, primarily driven by debt repayment and operating cash outflows.
Debt was $62.4 billion, down from $63.6 billion at the beginning of the quarter due to the repayment of maturing debt.
Total company backlog at quarter-end was $367 billion.