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The Boeing Company has reported third-quarter results today. With the disclosed revenue of $14.1 billion, Boeing has made a loss of $3.052 billion.
Boeing swung net loss of $466 million in the third quarter from a profit of $1.2 billion a year earlier. That was on sales of $14.1 billion, down 29% from a year ago but slightly ahead of analysts’ expectations for $13.9 billion in revenue. Sales declines were most pronounced in the commercial aircraft unit where revenue fell 56% from $8.2 billion in the third quarter of 2019 to $3.6 billion.
In the first nine months of 2020, Boeing delivered 37 aircraft to its defense customers and secured new services agreements for Boeing Converted Freighters and Australian P-8As. Despite the positive facts about the deliveries, Boeing lost a net of 381 orders for new planes. The manufacturing giant estimates show that the pandemic could diminish industry demand for more aircraft for the next decade.
“The global pandemic continued to add pressure to our business this quarter, and we’re aligning to this new reality by closely managing our liquidity and transforming our enterprise to be sharper, more resilient and more sustainable for the long term,” said Boeing President and Chief Executive Officer Dave Calhoun. “Our diverse portfolio, including our government services, defense and space programs, continues to provide some stability for us as we adapt and rebuild for the other side of the pandemic. We remain focused on the health and safety of our employees and their communities. I’m proud of the dedication and commitment our teams have demonstrated as they continued to deliver for our customers in this challenging environment. Despite the near-term headwinds, we remain confident in our long term future and are focused on sustaining critical investments in our business and the meaningful actions we are taking to strengthen our safety culture, improve transparency and rebuild trust.”