The beleaguered Boeing Company (NYSE:BA) came out with third-quarter results Wednesday that revealed the effect of recent events. The airplane maker reported third-quarter revenue of $20.0 billion, GAAP earnings per share of $2.05 and core earnings per share (non-GAAP) of $1.45, reflecting lower 737 deliveries partially offset by higher defense and services volume. Boeing recorded operating cash flow of ($2.4) billion and paid $1.2 billion of dividends.
Analysts were expecting Earnings per Share of $2.09, while revenues were to total $19.67 billion. The company has been under scrutiny after two deadly Boeing 737 Max crashes killed a combined 346 people in the past year. Boeing took a $4.9-billion after-tax charter in the previous quarter, for funds to compensate airlines for the Federal Aviation Administration’s (FAA) grounding of the 737 Max planes in service.
Wednesday’s news release points to efforts by Boeing to develop software and training updates for the 737 MAX and continues to work with the FAA and global civil aviation authorities to complete remaining steps toward certification and readiness for return to service.
These regulatory authorities will determine the timing and conditions of return to service in each relevant jurisdiction.
Said CEO Dennis Muilenburg, "Our top priority remains the safe return to service of the 737 MAX, and we're making steady progress.
"We've also taken action to further sharpen our company's focus on product and services safety, and we continue to deliver on customer commitments and capture new opportunities with our values of safety, quality and integrity always at the forefront."
Shares got lift of $12.39, or 3.7%, to $349.39
