Boeing: Still suspended on 787 deliveries, profit falls
The American aircraft manufacturer has just received a number of large orders at the Farnborough Air Show.
Boeing reported second-quarter 2022 results that were below guidance, but the group, which just landed a string of big orders at the Farnborough Air Show, believes it can raise its cash flow bar later in the year. Revenue for the American manufacturer, which has still not resumed deliveries of the long-haul 787, fell 2% between April and June to $16.68 billion and its net profit fell 67% to $193 million.
Excluding special items, the group posted a loss of 37 cents per share, twice as high as analysts had expected. But Boeing says it can generate positive free cash flow for all of 2022, a target investors are watching closely. The action rose 3% in electronic trading ahead of the New York Stock Exchange’s opening.
also readBoeing finds colors at Farnborough Air Show
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Civil aviation revenue rose 3% for the quarter, helped by deliveries of its flagship 737 MAX, of which Boeing now makes 31 a month. “Even with high demand, we will not attempt to rush production rates or push our system too quickly.‘ underscored the head of the construction company, Dave Calhoun, in a letter to employees. While Boeing, like many other companies before the “Supply Chain Constraints” and to “inflation“He prefers to give priority”stability and predictability“.
Deliveries of the 787 Dreamliner, which were suspended after the first manufacturing defects were discovered in summer 2020 and then since the end of May 2021, have still not resumed. “The company continues to work with the FAA to finalize efforts to resume deliveries and prepare the aircraftsays Boeing. For its part, the Defense, Space and Security division saw its revenue decline by 10%.
The group recorded two charges, one of $147 million related to the MQ-25, the US Navy’s future tanker drone, and the other of $93 million related to the Starliner capsule test flight in May many adventures. Services division revenue rose 6%, driven by the return of air travel after the airlock at the start of the Covid-19 pandemic.
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