Boeing is set to report results before the market opens on Wednesday. Analysts are expecting another loss and lower revenue for the aircraft manufacturer that continues to struggle with the fallout from its safety and manufacturing crises.
Here’s how analysts expect Boeing performed in the second quarter, according to estimates compiled by LSEG:
- Loss per share: $1.97 per share adjusted
- Revenue: $17.23 billion
Boeing is trying to regain its footing after a door plug blowout from a nearly-new 737 Max at the start of the year reignited additional scrutiny from regulators and further slowed deliveries of new, more fuel-efficient jets to airlines.
In addition to the impact from the door plug accident in January, Boeing, as well as rival Airbus, are dealing with thousands of new workers and a supply chain that can’t keep up with production demands after a demand plunge during the pandemic roiled their businesses.
Lower deliveries and production have pushed back some of Boeing’s financial targets. CFO Brian West warned in May that the company would likely burn another roughly $4 billion in the second quarter, similar to the first, largely due to lower production and delivery rates than expected. Boeing was producing its best-selling Max planes a pace in the mid-20s per month in the last few months, far from its target of 38 a month.
Stephanie Pope, CEO of Boeing’s commercial airplane unit, told reporters ahead of the Farnborough Airshow outside London earlier this month that the company is trying to make lasting changes to training and quality control, admitting that the company has disappointed customers.
“We’ve impacted their business and we haven’t met the commitments and lived up to being the partner that they expect and they need us to be,” she said. “This plan is not a three-month plan,” said Pope. “I call it transformational because some of these actions will take years.”
Boeing’s other business units have also faced cost overruns and delays, like its defense unit which is building the two Boeing 747 aircraft that will serve as Air Force One, which are behind schedule.
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