Boeing Slashes Losses During “Turnaround Year”
Boeing (NYSE:BA) shares crumbled Tuesday, as the plane maker slashed its quarterly losses as sales jumped after it delivered the most airplanes since 2018, the clearest sign yet of improvement at the manufacturer that has swung from crisis to crisis for years.
Loss per share came in at $1.24 adjusted vs a loss of $1.48 expected. Revenue: $22.75 billion vs $21.84 billion expected
The aerospace giant lost $176 million in the three months ended June 30, down from $1.09 billion a year earlier. Revenue rose 35% to $22.75 billion from $16.87 billion last year. Adjusting for one-time items, Boeing reported a loss of $433 million or $1.24 a share, better than the loss analysts expected.
“Change takes time, but we’re starting to see a difference in our performance across the business,” CEO Kelly Ortberg said in a note to staff outlining improvements across Boeing’s businesses.
“If we continue to tackle the important work ahead of us and focus on safety, quality and stability, we can navigate the dynamic global environment and make 2025 our turnaround year,” he said.
Boeing burned through $200 million in the second quarter, down from more $4.3 billion in the same period of 2024, which the company had expected would be a pivotal year for the plane maker until a door plug blew out of one of its packed Max 737 9 planes several minutes into the flight, renewing federal scrutiny on the company and hobbling production.
BA shares declined $6.79, or 2.9%, to $229.63.
