Boeing narrows losses as Covid-19 recovery continues

Boeing has reported third-quarter income of $15.3 billion, pushed by larger business airplanes and companies quantity.

The firm reported a web lack of $132 million, or a GAAP loss per share of $0.19, for the interval.

The determine for a similar interval final yr was $466 million, illustrating the start of a restoration from the impression of Covid-19.

“We are driving stability across our operations, investing in our future and positioning our teams to deliver for our customers as the market recovers,” mentioned Boeing chief government, David Calhoun.

“Commercial market demand continues to gain traction with broad-based vaccine distribution and border protocols beginning to open.”

He added: “Our portfolio across commercial, defence, space and services is well positioned, and we are focused on improving performance, while advancing technologies and digital manufacturing capabilities to drive our next generation of products and a sustainable future.”

In the 9 months to the top of September, Boeing misplaced $126 million, a pointy enchancment on losses of $3.5 billion seen in the identical interval of 2020.

Cash and investments in marketable securities decreased to $20 billion, in comparison with $21 billion at the start of the quarter, primarily pushed by debt reimbursement and working money outflows.

Debt was $62.4 billion, down from $63.6 billion at the start of the quarter because of the reimbursement of maturing debt.

Total firm backlog at quarter-end was $367 billion.

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