Boeing (BA) second quarter 2024 financial results | Wilnesh News

boeing company Losses were wider in the second quarter and revenue fell short of analysts’ expectations as its commercial aircraft and defense programs continued to struggle.

Here’s how Boeing’s second-quarter performance compared to estimates compiled by the London Stock Exchange Group (LSEG):

• Loss per share: Adjusted $2.90 per share vs. Adjusted $1.97 per share
• income: $16.87 billion vs. $17.23 billion

“Despite a challenging quarter, we made substantial progress in strengthening our quality management system and positioning the company for the future,” Chief Executive Dave Calhoun said in Wednesday’s earnings report.

Boeing reported a net loss of $1.44 billion, or $2.33 per share, during the reporting period, compared with a loss of $149 million, or 25 cents per share, in the same period last year. On an adjusted basis, the company lost $2.90 per share, nearly $1 per share less than analysts expected, according to LSEG.

Revenue fell 15% to $16.87 in the quarter.

Boeing is trying to regain its footing after a door jam burst on a nearly new 737 Max earlier this year, reigniting additional scrutiny from regulators and further slowing deliveries of new, more fuel-efficient jets to airlines.

Declining deliveries and production have delayed some of Boeing’s financial goals.

Chief Financial Officer Brian West warned in May that the company would continue to burn cash in the second quarter, similar to the first quarter, mainly due to lower than expected production and delivery rates.

On Wednesday, the manufacturer reported second-quarter free cash flow of negative $4.3 billion.

Boeing has been producing its best-selling Max planes at a rate of 20 per month over the past few months, well below its target of 38 per month.

Boeing Commercial Airplanes Chief Executive Stephanie Pope told reporters earlier this month ahead of the Farnborough air show outside London that the company was working to make lasting changes to training and quality control, acknowledging that it had let Customers are disappointed.

“We impacted their business, but we didn’t deliver on our promises and be the partner they expected and needed us to be,” she said. “This plan is not a three-month plan,” Pope said. “I call it transformative because some of these actions take years.”

Boeing’s other business units are also facing cost overruns and delays, such as its defense unit, which is building two Boeing 747 planes that will serve as Air Force One but is behind schedule.

This is breaking news. Please check back for updates.