Boeing Co. (BA) on Wednesday reported a loss for the third quarter that sharply widened from last year, reflecting higher commercial volume and losses on fixed-price defense development programs. Both core loss per share and quarterly revenues came in well below analysts’ expectations.
Looking ahead, President and CEO Dave Calhoun said, “We remain in a challenging environment and have more work ahead to drive stability, improve our performance and ensure we’re consistently delivering on our commitments.”
The Chicago-based aerospace and defense giant reported that its third-quarter net loss attributable to shareholders sharply widened to $3.28 billion or $5.49 per share from $109 million or $0.19 per share in the prior-year quarter.
Core loss for the quarter was $6.18 per share, compared to core loss of $0.60 per share in the year-ago quarter.
On average, nine analysts polled by Thomson Reuters expected the company to report earnings of $0.02 per share for the quarter. Analysts’ estimates typically exclude special items.
Total revenues for the quarter grew 4 percent to $15.96 billion from $15.28 billion in the same quarter last year. Analysts expected revenues of $17.86 billion for the quarter.
Total company backlog at quarter-end was $381 billion.
Commercial Airplanes revenue increased 40 percent year-over-year to $6.26 billion, driven by higher 737 deliveries and the resumption of 787 deliveries in August. Boeing said it is producing at a low rate with an expected gradual return to five per month over time.
During the quarter, Commercial Airplanes delivered 112 airplanes and backlog included over 4,300 airplanes valued at $307 billion. It also secured orders for 167 737 airplanes, 27 767 airplanes, 18 777 airplanes, and 15 787 airplanes.
Meanwhile, Defense, Space & Security revenue decreased 20 percent to $6.31 billion from $6.62 billion in the previous year, driven by higher estimated manufacturing and supply chain costs, as well as technical challenges.
Global Services revenue increased 5 percent year-over-year to $4.43 billion, primarily driven by higher commercial services volume and favorable mix, partially offset by lower government services volume.
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