Boeing loses $574 million in first half of 2023
Boeing announced Wednesday a loss of $574 million in the first half of the year, compared to a loss of $1.082 million in the same period of the previous fiscal year.
The U.S. manufacturer said it turned over between January and June a total of 37.672 million dollars, 23% more than in 2022.
The aerospace giant’s business was affected by difficulties in the Defense, Space and Security segment, whose operations accumulated a loss of US$739 million, compared to a loss of US$858 million last year, according to a statement.
The commercial aircraft unit reduced its losses somewhat to 998 million dollars, compared to a loss of 1,116 million dollars last year.
Meanwhile, Boeing’s services business increased its profits by 25% to 1,703 million dollars.
In the second quarter, the data to which the markets were paying most attention today, Boeing had revenues of $19.751 billion, up 18%, while its net income was a loss of $149 million compared to a profit of $160 million three months ago.
→ Boeing forecasts demand for 2.3 million new Pilots, Technicians and Cabin Crew in next 20 years
Both Boeing and its main rival, Airbus, have had trouble ramping up aircraft production due to the pandemic.
Nevertheless, the company announced Wednesday that it delivered 136 planes in the second quarter, up from 121 planes during the same period last year.
Boeing also said it is transitioning to higher production of its best-selling Max aircraft, at 38 airplanes per month, up from 31 per month, and announced it raised production of the 787 Dreamliner to four per month.
Boeing president and CEO Dave Calhoun said the company had a “robust second quarter” and “solid cash flow generation.”
“We are well positioned to meet the operational and financial targets we set for this year and over the long term,” Calhoun said.
The Boeing leader further indicated that while there is “more work ahead” the company is making progress in recovery and driving stability in its factories and supply chain to meet the commitments they have to their customers.
“With demand strong, we are steadily increasing our production rates on key programs and increasing investments in our people, products and technologies,” he concluded.
Boeing shares were up 3.24% in pre-opening trading on Wall Street as the company’s results beat analysts’ expectations.
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