Boeing: Q2 loss widens, deliveries slump

(CercleFinance.com) - Boeing announced on Wednesday that it had widened its losses in Q2, due to a drop in aircraft deliveries and losses on defense programs.
NB: pmt +2%.

This morning, the US aircraft manufacturer reported an operating loss, excluding exceptional items, of almost $1.4bn for Q2, compared with a shortfall of $390m a year earlier.

Core EPS, which also exclude charges, showed a loss of $2.90, compared with earnings of 82 cents a year earlier.

The consensus was expecting a loss of 82 cents per share.

These results reflect the fact that Boeing delivered fewer airliners, with only 92 aircraft in the quarter, compared with 136 in Q2 2023.

This had a negative impact on total sales, which fell by 15% to $16.8bn.

The company's order book currently includes more than 5,400 aircraft, worth a total of $516bn.

Dave Calhoun, outgoing CEO, described the quarter as "challenging", but also marked by significant progress in quality management of production systems, which had weighed on performance in recent months.

The stock nevertheless gained over 2% in pre-market trading, following the appointment of Robert Ortberg as CEO to replace Calhoun, effective 8 August.

Ortberg - who has over 35 years' experience in the industry - headed Rockwell Collins for five years, before overseeing its integration with United Technologies and RTX.


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