Image Source: Unsplash

The Boeing Company (BA - Free Report) incurred an adjusted loss of $3.26 per share in third-quarter 2023, wider than the Zacks Consensus Estimate of a loss of $3.21. The bottom line, however, improved from the year-ago quarter’s reported loss of $6.18 per share.

Including one-time items, the company reported a GAAP loss of $2.70 per share, narrower than the year-ago quarter’s reported loss of $5.49.

Revenues

Boeing’s revenues amounted to $18.10 billion, which missed the Zacks Consensus Estimate of $18.25 billion by 0.8%. The top line, however, rose 13% from the year-ago quarter’s reported figure of $15.96 billion.

This improvement was driven by higher year-over-year revenues registered by the company’s all three business units.

The Boeing Company Price, Consensus and EPS Surprise

The Boeing Company price-consensus-eps-surprise-chart | The Boeing Company Quote

Total Backlog

Backlog at the end of the third quarter was $469.18 billion, up from $439.56 billion recorded at the end of second-quarter 2023.

Segmental Performances

Commercial Airplane: Revenues at this segment increased 25% year over year to $7.88 billion, driven by higher 787 deliveries. The segment incurred an operating loss of $678 million, wider than the year-ago quarter’s reported operating loss of $622 million.

Boeing delivered 105 commercial planes during the quarter under review, down 6.3% year over year.

The backlog for this segment remained healthy, with more than 5,100 airplanes valued at $392 billion.

Boeing Defense, Space & Security (BDS): The segment recorded revenues of $5.48 billion, indicating a year-over-year improvement of 3%. It incurred an operating loss of $924 million, narrower than the year-ago quarter’s reported operating loss of $2,798 million.

BDS recorded a backlog of $58 billion, 29% of which comprised orders from international clients.

Global Services: Revenues at this segment improved 9% year over year to $4.81 billion. This unit generated an operating income of $784 million compared with $733 million in the prior-year quarter, driven by higher commercial volume and a favorable mix.

Boeing Capital Corporation (BCC): This segment reported negative quarterly revenues of $65 million compared with negative revenues of $86 million in the third quarter of 2022.

Financial Condition

Boeing exited third-quarter 2023 with cash and cash equivalents of $6.81 billion, and short-term and other investments of $6.56 billion. At the end of 2022, the company had cash and cash equivalents of $14.61 billion and short-term and other investments of $2.61 billion. Long-term debt amounted to $47.38 billion, down from $51.81 billion recorded at the end of 2022.

The company’s operating cash flow as of Sep 30, 2023, was $2,579 million compared with $55 million at the end of third-quarter 2022.

Free cash flow totaled $1,483 million at the end of third-quarter 2023 compared with $841 million in the corresponding period of 2022.

More By This Author:

Meta & Amazon Earnings Loom: A Closer Look
Visa Tops Q4 Earnings And Revenue Estimates
3 Solid Retail Funds To Buy Ahead Of The Holiday Season