Boeing has reported a second quarter 2024 net loss of $1.4 billion or ($2.33) per diluted share on a year-over-year decline in revenue of 15.0 percent to $16.9 billion.
On Wednesday (July 31, 2024), Boeing reported their second quarter financial results for the period ending June 30, 2024. The company reported a second quarter net loss of $1.4 billion or ($2.33) per diluted share on a year-over-year decline in revenue of 15.0 percent to $16.9 billion. At the close of the second quarter, Boeing had a total order backlog valued at $516 billion, including over 5,400 commercial airplanes. The company also ended the period with $12.6 billion in cash and marketable securities, as well as access to $10.0 billion in undrawn credit facilities.
In Thursday’s announcement, Boeing’s President and Chief Executive Officer, Dave Calhoun, said,
“Despite a challenging quarter, we are making substantial progress strengthening our quality management system and positioning our company for the future. We are executing on our comprehensive safety and quality plan and have reached an agreement to acquire Spirit AeroSystems. While we have more work ahead, the steps we’re taking will help stabilize our operations and ensure Boeing is the company the world needs it to be. We are making important progress in our recovery and will continue to build trust through action and transparency.”
During the second quarter, Boeing delivered 92 commercial airplanes, including 70 737s, six 767s, seven 777s, and nine 787s. The company ended the period with a commercial airplane backlog of over 5,400 airplanes valued at $437 billion. The 737 Family program gradually ramped up in Q2, with plans to increase production to 38 per month by the end of the year. Boeing 787 Dreamliner production is also scheduled to return to five per month by the end of 2024. In July, FAA certification flight testing commenced for the Boeing 777X after obtaining type inspection authorization, and the company also announced an agreement to re-acquire Spirit AeroSystems.
Boeing (NYSE: BA) is a leading supplier of commercial airplanes, defense, space and security systems, as well as global services. The aerospace giant tops the list of the largest U.S. exporters, providing a significant positive impact to America’s annual GDP. Boeing supports government and commercial customers in over 150 countries and employs more than 170,000 team members worldwide. As Boeing continues to deliver for customers, they are committed to their legacy of aerospace leadership in technology and innovation and living the company’s core values of safety, quality, and integrity.
Source: Boeing
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