Boeing’s net loss for the third quarter of the fiscal year was £358.59 million.
The aircraft manufacturer reported revenues of £10.88 billion in the third quarter.
The U.S. multinational company refrains from issuing a forecast for the full year.
Boeing Co. (NYSE: BA) said Wednesday that its adjusted loss for the third quarter of the fiscal year was lower than expected. However, its revenues fell short of analysts’ third quarter estimates.
Boeing reported a net loss of £358.59 million for the third quarter, or 60.79 pence per share. This compares to a net profit of £900 million, or £1.58 per share, for the same quarter last year. In the previous quarter (Q2) Boeing had reported a much larger net loss of £1.85 billion.
Boeing’s Q3 financial results compared to analysts’ estimates
Adjusted for one-time effects, Boeing reported a Core Loss per share of £1.07 in the last quarter, compared to earnings per share of £1.12 in the year-ago quarter. According to FactSet, experts had forecast a much higher loss per share of £1.81 for Boeing in the third quarter of the financial year.
In terms of revenue, the U.S. multinational posted £10.88 billion, down 29% on an annualized basis. The FactSet Consensus for third quarter revenues was higher at £10.93 billion. Boeing also warned on Wednesday that it would cut its workforce by a further 30,000 employees in order to restructure its finances.
Boeing said that revenues from civil aircraft construction were £2.77 billion or 56% lower than last year. Deliveries of commercial aircraft, the company added, fell by 55% to 28 in the last quarter.
Defence, space and security revenues were down 2% to £5.27 billion in the third quarter. At £2.84 billion, revenues from global services were down 21% year-on-year to £2.84 billion. The FactSet Consensus for revenues from these three segments was £3.05 billion, £5.26 billion and £2.80 billion respectively.
Boeing refrains from issuing its full-year guidance
Boeing refrained from issuing its full-year guidance. CEO Dave Calhoun commented on Wednesday’s financial report and said
“The global pandemic has continued to put pressure on our business this quarter, and we are preparing for this new reality by managing our liquidity closely and transforming our business to be sharper, more resilient and more sustainable in the long term.
The Company’s shares opened Wednesday down about 1.5% and fell more than 3.0% in the next hour. So far this year, Boeing’s share price has now fallen 55%. At the time of writing, The Boeing Company has a market capitalization of £65.63 billion.