The plane manufacturing titan still has much work to do before its financial and operational turnaround is complete
27 July 2022 - 19:03Boeing generated $81m in cash from its operations during the second quarter, sharply reversing its heavy cash use earlier this year as the plane maker stepped up deliveries of its highly profitable 737 Max jetliners.
Boeing still has much work to do before its financial and operational turnaround is complete. Cost overruns on contracts for its Starliner space capsule and MQ-25 aerial refuelling drone led to $240m in accounting charges, the Arlington, Virginia-based company said in a statement.Boeing’s second-quarter revenue of $16.7bn and 37c core loss per share were both worse than analysts expected. The company’s earnings have missed consensus estimates in all but one quarter since the start of 2021.
Establishing a steady cadence of Max deliveries is a good first step to generating cash, Ferguson said. Resuming handovers of its 787 Dreamliner wide-bodies, which have been largely halted since late 2020, would also start to unlock billions of dollars tied up in the company’s inventory of undelivered jets.
The manufacturer is girding for more disruption to its defence division if 2,500 machinists walk off the job in the St Louis factories manufacturing Boeing’s military fighter jets. Boeing is drafting contingency plans to minimise disruption to the US government after workers voted to strike, Calhoun said during an interview on CNBC.
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