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Boeing has announced preliminary financial results for the third quarter, indicating significant impacts due to charges in its Commercial Airplanes and Defense, Space & Security segments. The company anticipates reporting a third-quarter revenue of $17.8 billion, a GAAP loss per share of ($9.97), and an operating cash flow of ($1.3) billion. Cash and investments in marketable securities amounted to $10.5 billion by the end of the quarter.
Kelly Ortberg, Boeing's president and CEO, commented on the current challenges: "While our business is facing near-term challenges, we are making important strategic decisions for our future and have a clear view on the work we must do to restore our company." Ortberg emphasized the necessity of these actions for maintaining competitiveness.
The Commercial Airplanes segment expects pre-tax earnings charges totaling $3.0 billion related to delays in the 777X and 767 programs. The first delivery of the 777-9 is now expected in 2026, with the 777-8 freighter following in 2028. These delays are attributed to certification timeline adjustments and an IAM work stoppage. Additionally, production of the 767 freighter will cease, incurring a $0.4 billion pre-tax charge.
