Boeing ekes out small profit after aviation volumes ramp up
In the third quarter aircraft manufacturer Boeing has registered a small adjusted profit after commercial airplanes and services volumes ramped up when travel restrictions eased.
The company’s core operating profit amounted to $59m, compared with a $754m loss in 2020. Year-on-year, revenues grew 8 per cent to $15.2bn, going up from $14.1bn.
“We are driving stability across our operations, investing in our future and positioning our teams to deliver for our customers as the market recovers,” said Boeing’s chief executive David Calhoun. “Commercial market demand continues to gain traction with broad-based vaccine distribution and border protocols beginning to open.
“Going forward, supply chain capacity and global trade will be key drivers of our industry and the broader economy’s recovery.”
Operating cash flow also improved to $0.3bn because of higher deliveries and receipts as well as a $1.3bn income tax refund.