Boeing Co (NYSE:BA, ETR:BCO) reported mixed financial results for the third quarter, with revenue topping expectations on higher commercial airplane deliveries.
Revenue was $23.3 billion, up 30% from the year-ago quarter, and ahead of the Wall Street consensus estimates of $22.3 billion.
The company posted a net loss of $5.3 billion, or $7.14 per share, compared with a loss of $6.2 billion, or $9.97 per share, in the same quarter last year. This missed analyst expectations of a loss per share of $1.86.
Boeing said results were affected by a $4.9 billion pre-tax charge related to updated 777X certification timing, now pushing first delivery to 2027.
Operating cash flow was $1.1 billion, and free cash flow was $0.2 billion.
Total backlog grew to $636 billion, including more than 5,900 commercial airplanes.
In the Commercial Airplanes segment, revenue increased 49% to $11.1 billion on 160 deliveries, the highest quarterly total since 2018. The unit reported a loss from operations of $5.4 billion, with margins affected by the 777X charge.
Production of the 737 stabilized at 38 aircraft per month, with FAA approval to increase to 42 per month. The 787 program continued at seven per month, with investments advancing in South Carolina.
Defense, Space & Security posted revenue of $6.9 billion, up 25% from a year earlier, and earned $114 million from operations, compared with a $2.4 billion loss in the prior year. Segment backlog grew to $76 billion, with 20% from international customers.
"With a sustained focus on safety and quality, we achieved important milestones in our recovery as we generated positive free cash flow in the quarter and jointly agreed with the FAA in October to increase 737 production to 42 per month," Boeing CEO Kelly Ortberg said in a statement.
"While we are disappointed in the 777X schedule delay, the airplane continues to perform well in flight testing, and we remain focused on the work ahead to complete our development programs and stabilize our operations in order to fully recover our company's performance and restore trust with all of our stakeholders."
Boeing shares moved lower following the report, down about 2.6% at $218 shortly after US markets opened.