Boeing disclosed a net loss of $428 million, or 67 cents per share, for the second quarter, representing an improvement from a loss of $612 million, or 92 cents per share, in the comparable period a year prior. The company recorded a $280 million loss specifically tied to its Air Force One program, which involves manufacturing two 747 aircraft for delivery to the U.S. government. The manufacturer stated it expects to deliver the first of these jets in 2028.
The company’s revenue climbed 8% to $24.56 billion compared with the prior-year period, supported by gains throughout its business divisions. Commercial aircraft deliveries increased 14% to 171 planes from 150 a year earlier. Boeing has accelerated production of its 737 Max aircraft to 47 monthly units, with additional increases under consideration. Adjusted earnings reflected a loss of 76 cents per share.
Free cash flow totaled $631 million, exceeding analyst expectations of $177 million in cash burn and marking an improvement from a $200 million cash burn in the second quarter of the prior year. CEO Kelly Ortberg emphasized the importance of completing the Air Force One program on schedule and indicated the company plans to allocate additional resources toward that objective. He noted the program has advanced through the design phase.
Looking ahead, Boeing faces certification milestones for other delayed aircraft programs, with the 737 Max 7 anticipated to be among the next certifications. Analysts are expected to question company executives during an upcoming call regarding certification timelines for the 737 Max 10 and the 777X wide-body aircraft.
Article Attribution | Read More at Article Source
Article summary produced by Claude AI