The company blamed the unexpected loss on “abnormal production costs” as it tried both to deliver the remaining backlog of 737 Max jets and to step up deliveries of the 787 Dreamliners. The company's production of the 787 remains below normal rates.
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Hefty defense and space write-offsBoeing lost $149 million in the second quarter, or 25 cents per share, on revenue of $19.8 billion. That's down from a profit of $160 million in the same period last year, which was the last time Boeing showed a profit.
The company generated $2.6 billion of free cash flow in the second quarter, ahead of analyst forecasts, and reiterated its full-year guidance of between $3 billion and $5 billion of free cash flow. Boeing shares surged nearly 9% to end the day at $232.80, the stock's highest closing price since November 2021.
Boeing shares have tumbled more than 6% after the US plane-maker disclosed a manufacturing issue affecting its 737 Max planes. The aviation giant said a supplier had revealed that the installation of fittings on the rear of the planes did not follow the standard.
Boeing gross profit for the twelve months ending June 30, 2023 was $4.911B, a 190.08% increase year-over-year. Boeing annual gross profit for 2022 was $3.53B, a 15.78% increase from 2021. Boeing annual gross profit for 2021 was $3.049B, a 154.04% decline from 2020.
Boeing said a new manufacturing flaw on its 737 Max will delay deliveries of its bestselling aircraft, the latest setback as the company tries to hand over more planes. The company said it found that fastener holes on the aft pressure bulkhead on some 737 planes were improperly drilled.