Boeing shrinks loss in plane business but takes £2.4bn hit from defence unit
Despite shrinking its losses in the commercial plane business by around 7 per cent to $643m (£556.8m), Boeing was hit by a $2.8bn (£2.4bn) loss from its defence unit.
The commercial plane business’ revenue went up to $6.3bn driven by the resumption of 787 and 737 deliveries, as Boeing shipped 112 planes in the three months ended 30 September.
Up on the 85 aircraft dispatched in the third quarter of 2021, this helped generate a free cash flow of $2.9bn.
Nevertheless, operating margins were down 17.5 per cent, while overall loss per share was at $5.49 as a result of Boeing’s defence, space and security unit hobbling recovery.
“We continue to make important strides in our turnaround and remain focused on our performance,” said chief executive Dave Calhoun.
“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 company has however maintained its forecasts of generating a positive free cash flow for 2022.