Boeing’s net loss contracts to £358.59 million in the fiscal third quarter
- Boeing’s net loss contracts to £358.59 million in the fiscal third quarter.
- The aeroplane manufacturer reports £10.88 billion of revenue in Q3.
- The American multinational refrains from giving guidance for the full year.
The Boeing Co. (NYSE: BA) said on Wednesday that its adjusted loss in the fiscal third quarter came in narrower than expected. It’s revenue, however, missed analysts’ estimates in Q3.
Boeing reported £358.59 million of net loss in the third quarter that translates to 60.79 pence per share. In comparison, the aeroplane manufacturer had registered £900 million of net income in the comparable quarter of last year or £1.58 per share. In the prior quarter (Q2), Boeing had revealed a much broader £1.85 billion of net loss.
Boeing’s Q3 financial results versus analysts’ estimates
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Adjusted for one-time items, Boeing recorded £1.07 of core loss per share in the recent quarter versus £1.12 of earnings per share in the same quarter last year. According to FactSet, experts had forecast a much broader £1.81 of per-share loss for Boeing in the fiscal third quarter.
In terms of revenue, the American multinational corporation posted £10.88 billion of revenue that translates to a 29% annualised decline. FactSet Consensus for revenue in Q3 stood at a higher £10.93 billion. Boeing also warned on Wednesday that it would slash its workforce by another 30 thousand workers to shore up finances.
Boeing said commercial aeroplane revenue came in at £2.77 billion or 56% lower than last year. Commercial aeroplanes deliveries, the company added, saw a 55% decline in the recent quarter to 28.
Revenue from defence, space and security noted a 2% decline in the third quarter to £5.27 billion. At £2.84 billion, revenue from global services came in 21% lower on a year over year basis. FactSet Consensus for revenue from these three segments stood at £3.05 billion, £5.26 billion, and £2.80 billion, respectively.
Boeing refrains from giving its guidance for the full year
Boeing refrained from giving its guidance for the full year. CEO Dave Calhoun commented on the financial report on Wednesday and said:
“The global pandemic continued to add pressure to our business this quarter, and we’re aligning to this new reality by closely managing our liquidity and transforming our enterprise to be sharper, more resilient and more sustainable for the long term.”
Shares of the company opened about 1.5% down on Wednesday and tanked more than 3.0% in the next hour. On a year to date basis, Boeing is now 55% down in the stock market. At the time of writing, The Boeing Company has a market capitalisation of £65.63 billion.