| Third Quarter 2024 |
- Financials reflect the impacts of the International Association of Machinists and Aerospace Workers (IAM) work stoppage and previously announced charges on commercial and defence programs
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- Revenue of $17.8 billion, GAAP loss per share of ($9.97) and core (non-GAAP)* loss per share of ($10.44)
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- Operating cash flow of ($1.3) billion and free cash flow of ($2.0) billion (non-GAAP)*
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- Total company backlog of $511 billion, including over 5,400 commercial aeroplanes
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| The Boeing Company [NYSE: BA] recorded third-quarter revenue of $17.8 billion, GAAP loss per share of ($9.97) and core loss per share (non-GAAP)* of ($10.44) (Table 1) primarily reflecting impacts of the IAM work stoppage and previously announced charges on commercial and defence programs. Boeing reported an operating cash flow of ($1.3) billion and a free cash flow of ($2.0) billion (non-GAAP)*. |
| "It will take time to return Boeing to its former legacy, but with the right focus and culture, we can be an iconic company and aerospace leader once again," said Kelly Ortberg, Boeing President and Chief Executive Officer. "Going forward, we will be focused on fundamentally changing the culture, stabilizing the business, and improving program execution, while setting the foundation for the future of Boeing." |
| Operating cash flow was ($1.3) billion in the quarter reflecting lower commercial widebody deliveries, as well as unfavourable working capital timing, including the impact of the IAM work stoppage. |
| Cash and investments in marketable securities totalled $10.5 billion, compared to $12.6 billion at the beginning of the quarter driven by free cash flow usage in the quarter (Table 3). In October, the company entered into a new $10.0 billion short-term credit facility and now has access to total credit facilities of $20.0 billion, which remain undrawn. |
| The total company backlog at quarter end was $511 billion. |
| Segment Results |
| Commercial Airplanes |
| Commercial Airplane's third quarter revenue of $7.4 billion and operating margin of (54.0) per cent reflect previously announced pre-tax charges of $3.0 billion on the 777X and 767 programs as well as the IAM work stoppage and higher period expenses, including research and development (Table 4). |
| The 787 program is currently producing at 4 per month and maintains plans to return to 5 per month by year-end. In the quarter, Commercial Airplanes booked 49 net orders and delivered 116 aeroplanes, with a backlog of over 5,400 aeroplanes valued at $428 billion. |
| Defence, Space & Security |
| Defence, Space & Security third-quarter revenue of $5.5 billion and operating margin of (43.1) per cent reflect the previously announced pre-tax charges of $2.0 billion on the T-7A, KC-46A Tanker, Commercial Crew, and MQ-25 programs. Results also reflect unfavourable performance on other programs. |
| During the quarter, Defense, Space & Security delivered the first production MH-139A to the U.S. Air Force and definitized a contract for two E-7A Wedgetails from the U.S. Air Force. The backlog at Defense, Space & Security was $62 billion, of which 28 per cent represents orders from customers outside the U.S. |
| Global Services |
| Global Services' third-quarter revenue of $4.9 billion and operating margin of 17.0 per cent reflect higher commercial volume and mix. |
| During the quarter, Global Services secured agreements for the Landing Gear Exchange Program and Integrated Material Management with All Nippon Airways and a KC-135 spares contract from the U.S. Air Force. |
| Additional Financial Information |
| Other unallocated items and eliminations primarily reflect the timing of allocations. |
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| The Boeing Company |
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