Boeing Reports Quarterly Loss on Problems in Air Force One, Tanker Programs

Tiger Newspress2022-10-26

Boeing reported a $3.3 billion quarterly loss Wednesday as charges in its defense unit countered strides in its commercial aircraft business.

The manufacturer, however, generated nearly $3 billion in free cash flow in the three months that ended Sept. 30, up from outflows of $507 million a year earlier.

Here’s how Boeing performed compared with analysts’ estimates complied by Refinitiv:

  • Adjusted loss per share: $6.18 vs. expected earnings per share of 7 cents.
  • Revenue: $15.96 billion vs. $17.76 billion expected.

Boeing reported charges in its KC-46 tanker and Air Force One programs. The company previously disclosed losses of more than $1 billion associated with modifying two 747 jumbo jets to serve as Air Force One, a contract negotiated under former President Donald Trump.

Boeing shares dropped 1.6% in premarket trading.

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