Boeing affirms 2023 guidance for 787 deliveries but cuts 737 delivery outlook
Shares of Boeing Co. got a nice boost Wednesday, after the aerospace and defense giant reported revenue that beat expectations for a third-straight quarter, even as losses were once again wider than Wall Street forecast.
“We continue to progress in our recovery and despite near-term challenges, we remain on track to meet the financial goals we set for this year and for the long term,” said Chief Executive Dave Calhoun. Net losses narrowed to $1.64 billion, or $2.70 a share, from $3.31 billion, or $5.49 a share, in the same period a year ago. Excluding nonrecurring items, core per-share losses of $3.26 were wider than the FactSet loss consensus of $3.20.While revenue has beat expectations the past three quarters, Boeing has now missed bottom-line expectations in eight of the past nine quarters, and hasn’t reported an adjusted profit since the second quarter of 2021, according to FactSet data.
Free cash flow of negative $310 million compared with the FactSet consensus of negative $266.7 million.
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