Summary by Moomoo AI
On October 23, 2024, Boeing reported its financial results for the third quarter of 2024, revealing significant losses. The aerospace giant posted a revenue of $17.8 billion, a GAAP loss per share of ($9.97), and a non-GAAP core loss per share of ($10.44). The results were primarily affected by the International Association of Machinists and Aerospace Workers (IAM) work stoppage and charges on commercial and defense programs. Boeing's operating cash flow was negative at ($1.3) billion, with free cash flow also in the red at ($2.0) billion. The company's total backlog remains substantial at $511 billion, including over 5,400 commercial airplanes. Boeing's Commercial Airplanes segment reported a revenue of $7.4 billion with an operating margin of (54.0) percent, while the Defense, Space & Security segment brought in $5.5 billion in revenue with an operating margin of (43.1) percent. Global Services saw a revenue increase to $4.9 billion with an improved operating margin of 17.0 percent. Boeing's President and CEO, Kelly Ortberg, acknowledged the challenges and emphasized the company's focus on changing culture, stabilizing the business, and improving program execution.
