The Boeing Company (NYSE:BA) reported a narrowed loss in the third quarter which it said was impacted by unfavourable defence performance and lower 737 deliveries.
The Seattle, Washington-based aeroplane manufacturer reported a 13% rise in revenue to $18.10 billion from $15.96 billion the year before, with a narrowed net loss of $1.64 billion, down from $3.31 billion last year.
GAAP loss per share totalled $2.70, down from $5.49 a year ago and core LPS of $3.26 compared to $6.18.
Commercial Airplanes revenue increased to $7.9 billion driven by higher 787 deliverie, while Defence, Space & Security revenue grew 3% to $5.5 billion.
During the quarter, Commercial Airplanes booked 398 net orders, including 150 737 MAX 10 airplanes for Ryanair, 50 787 airplanes for United Airlines, and 39 787 airplanes for Saudi Arabian Airlines.
The firm said it will deliver fewer 737 MAX aircraft than it expected this year as it works through production flaws detected on some of the best-selling aircraft.
The company expects to hand over between 375 and 400 737 MAX planes this year, down from a previous estimate of 400 to 450.
Global Services revenue rose 9% to $4.8 billion, with the operating margin of 16.3% reflecting higher commercial volume and mix.
“We continue to progress in our recovery and despite near-term challenges, we remain on track to meet the financial goals we set for this year and for the long term,” said Dave Calhoun, Boeing president and chief executive officer.
Boeing reaffirmed guidance for the full year of $4.5-$6.5 billion of operating cash flow, $3.0-$5.0 billion of free cash flow and revenue of $18.1 billion.
Shares in Boeing rose 3.7% in pre-market trading.