Boeing flipped to a $149 million loss in the second quarter despite higher revenue, as the plane maker struggled with higher costs in both its airline and defense business.
Boeing said Wednesday that it lost $1.2 billion in the first quarter as it took large write-downs and lost money in both its civilian-airplane and defense businesses.
Boeing on Wednesday reported a $4.16 billion loss for the fourth quarter as the financial fallout of production flaws in one of its best-selling planes, the 787 Dreamliner, grew much worse.
Boeing Turns First Profit in Almost 2 Years, Shares Jump 5 Percent
Boeing Co on Wednesday posted its first quarterly profit in almost two years as revived domestic travel fueled 737 MAX deliveries, and shares rose 5 percent despite festering U.S.-China relations and depressed long-haul travel.
The 737 MAX is integral to Boeing’s financial recovery. The U.S. planemaker is scrambling to recoup billions of dollars in lost sales from the pandemic and move beyond the safety scandal caused by two fatal 737 MAX crashes. It also must deal with structural defects of its bigger, more profitable 787 planes.
Higher defense and services sales boosted results and Boeing still expects to turn cash flow positive in 2022. Shares were up roughly 5 percent at $234 in afternoon trading even as the Dow Jones Industrial Average dipped.
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