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The Boeing Company (NYSE:BA) announced Q3 earnings results before the market open in the US on Wednesday.
The world’s largest aerospace company reported revenue that missed analyst expectations at $15.956 billion (up by 4% year-over-year) vs. $17.911 billion estimate.
The company reported a loss per share of -$6.18 per share vs. $0.132 earnings per share expected.
“We continue to make important strides in our turnaround and remain focused on our performance,” Dave Calhoun, Boeing President, and CEO said in a press release following the announcement.
“We generated strong cash in the quarter and are on a solid path to achieving positive free cash flow for 2022. At the same time, revenue and earnings were significantly impacted by losses on our fixed-price defense development programs. We’re squarely focused on maturing these programs, mitigating risks and delivering for our customers and their important missions. We remain in a challenging environment and have more work ahead to drive stability, improve our performance and ensure we’re consistently delivering on our commitments. Despite the challenges, I’m proud of our team and the progress we’ve made to strengthen our company,” Calhoun concluded.
Shares of Boeing took a hit on after the announcement of the latest results. The stock was down by around 3% at $140.85 a share.
Boeing price targets
Boeing is the 147th largest company in the world with a market cap of $83.94 billion.
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Sources: The Boeing Company, TradingView, MetaTrader 5, Benzinga, CompaniesMarketCap
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