Boeing Q2 results: Loss narrows to $611 million as revenue rises to $22.75 billion; labour, safety issues cloud recovery
The company reported a net loss of $611 million for the quarter ended June 30, down from $1.44 billion a year ago.
Revenue rose to $22.75 billion from $16.87 billion, topping Wall Street expectations of $21.86 billion, as deliveries climbed to 150 commercial aircraft from 92 in the year-ago period, AP reported. On an adjusted basis, Boeing reported a loss of $1.24 per share, better than the $1.54 loss forecast by Zacks analysts.
Boeing shares rose over 2% in premarket trading on Tuesday.
Despite the improved performance, the company remains under pressure on multiple fronts. The National Transportation Safety Board (NTSB) in June cited 'lapses in Boeing's manufacturing and safety oversight' as contributing to the door plug panel detachment on an Alaska Airlines 737 Max 9 flight in January 2024. Boeing said it would review the NTSB findings and continue to strengthen safety and quality.
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Separately, the Department of Justice reached a settlement in May that allowed Boeing to avoid criminal prosecution for misleading regulators ahead of the fatal 737 Max crashes in 2018 and 2019, which claimed 346 lives. The Max series has remained a key source of concern for both regulators and investors.
On the labour front, Boeing said Sunday that more than 3,200 union workers at three St. Louis-area plants—responsible for manufacturing US fighter jets—are poised to strike on August 4.
Members of the International Association of Machinists and Aerospace Workers District 837 rejected a contract proposal that included a 20% pay raise over four years. A "cooling off" period is in place until next week.
Meanwhile, Boeing was also in the spotlight following the crash of a Boeing 787 operated by Air India last month, which killed at least 270 people. Investigators have yet to determine the cause, though initial findings suggest no design flaw in the aircraft, which has historically maintained a strong safety record.
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