Boeing Q3 Loss Narrows Sharply – CEO Says ‘We Have More Work To Do’

• Boeing’s Q3 revenue rose 4% year over year to $24.19 billion, falling short of the $24.39 billion analyst consensus estimate, according to Fiscal AI.
• Boeing delivered 161 commercial aircraft and recorded 300 net orders in Q3, while the 737-7 received amended FAA type certification and the 737-10 was certified in October.
• During the quarter, the U.S. Navy selected Boeing to design, build and deliver its F/A-XX next-generation fighter.

Boeing Co. (BA) significantly narrowed its third-quarter loss from a year earlier, while higher revenue in its Defense, Space & Security and Global Services segments contributed to overall revenue growth.

CEO Kelly Ortberg said Boeing remains focused on safety and quality, lean practices and disciplined execution, while acknowledging that the company still has work to do.

Boeing reported a core loss of $0.34 per share, down from $7.47 per share a year earlier, but wider than analysts’ estimates of $0.25 per share, according to estimates compiled by Fiscal.AI.

The company reported a 4% year-over-year rise in its third-quarter (Q3) revenue to $24.19 billion, which fell short of analysts’ estimate of $24.39 billion, according to Fiscal.AI. 

BA shares traded 9.4% lower at the time of writing.

Commercial Airplanes Revenue Falls 3%

Boeing’s Commercial Airplanes segment reported revenue of $10.72 billion, down 3% year over year, and an operating loss of $697 million. Its operating margin was negative 6.5%, compared with negative 48.3% a year earlier, when results were affected by a charge on the 777X program.

The company, however, said that the segment’s latest performance primarily led to a less favorable delivery mix, higher projected costs associated with future production-rate adjustments and higher estimated supply-chain costs.

The company delivered 161 commercial aircraft during the quarter, compared with 160 a year earlier, and recorded 300 net orders. Boeing said its 737 program continued to progress toward stabilizing production at 47 aircraft per month.

During the quarter, the 737-7 received amended type certification from the Federal Aviation Administration, while the 737-10 received certification in October. Boeing also continued certification flight testing for the 777X and maintained its target of making the first delivery in 2027.

Defense And Services Revenue Increases

Revenue at Boeing’s Defense, Space & Security segment rose 15% year over year to $7.94 billion. Operating earnings increased to $492 million from $114 million a year earlier. The segment’s 6.2% operating margin primarily reflected a $252 million gain from the sale of HRL Laboratories and improved operational performance.

During the quarter, the U.S. Navy selected Boeing to design, build and deliver its F/A-XX next-generation fighter aircraft. Boeing said the award was excluded from its reported backlog pending completion of the source-selection and evaluation review process. The company also received a seven-year contract award to expand production of PAC-3 Missile Segment Enhancement (MSE) seekers.

Global Services revenue increased 4% year over year to $5.57 billion, while operating earnings rose 9% to $1.02 billion. The segment reported an operating margin of 18.3%, which Boeing attributed to favorable volume and mix.

Boeing’s total backlog reached a record $745 billion at the end of the quarter, including more than 6,300 commercial airplanes. Commercial Airplanes accounted for $612 billion of the backlog, while Defense, Space & Security reported $101 billion.

How Retail Views BA

On Stocktwits, sentiment for BA remained in ‘bullish’ territory amid ‘high’ message volumes in the past 24 hours. The stock was one of the trending tickers on the platform at the time of writing.

BA shares have dropped over 14% year-to-date.

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