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Boeing reports Q3 results with 8 pct revenue increase

N.C.N. Limited 徽标 N.C.N. Limited 2021/10/27 Wu Xiaoling
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Photo taken on March 13, 2019 shows the Boeing logo at its headquarters in downtown Chicago, the United States. (Xinhua/Joel Lerner)

In commercial airplane programs, Boeing delivered 85 aircraft in the third quarter of 2021, an increase of 204 percent from 28 aircraft in the same period of last year.

SAN FRANCISCO, Oct. 27 (Xinhua) -- The Boeing Company on Wednesday reported 2021's third-quarter revenue of 15.28 billion U.S. dollars, an 8 percent increase compared to the same period of 2020, driven by higher commercial airplanes and services volume.

Its generally accepted accounting principles (GAAP) loss per share of 0.19 dollar and core loss per share (non-GAAP) of 0.60 dollar, the company said.

The company's Commercial Airplanes third-quarter revenue increased to 4.5 billion dollars primarily driven by higher 737 deliveries, partially offset by lower 787 deliveries.

In commercial airplane programs, Boeing delivered 85 aircraft in the third quarter of 2021, an increase of 204 percent from 28 aircraft in the same period of last year. The year-to-date delivery reached 241, including seven 737s to China's ICBC Leasing.

The backlog included over 4,100 airplanes valued at 290 billion U.S. dollars.

The company's Global Services third-quarter revenue increased to 4.2 billion U.S. dollars.

In its defense, space and security programs, third-quarter revenue decreased to 6.6 billion dollars. A total of 37 aircraft were delivered in the quarter.

Since the Federal Aviation Administration (FAA)'s approval to return the 737 MAX to operations in November 2020, Boeing has delivered more than 195 737 MAX aircraft and airlines have returned more than 200 previously grounded airplanes to service, according to Boeing.

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Photo taken on Jan. 26, 2018 shows interior of the final assembly building in Boeing South Carolina in North Charleston, South Carolina of the United States. (Xinhua/Wang Ying)

The 737 program is currently producing at a rate of 19 per month and continues to progress towards a production rate of 31 per month in early 2022, and the company is evaluating the timing of further rate increases.

The company continues to focus 787 production resources on conducting inspections and rework and continues to engage in detailed discussions with the FAA regarding required actions for resuming delivery.

The current 787 production rate is approximately two airplanes per month. The company expects to continue at this rate until deliveries resume and then return to five per month over time.

The low production rates and rework are expected to result in approximately 1 billion U.S. dollars of abnormal costs, of which 183 million dollars was recorded in the quarter.

"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 President and Chief Executive Officer 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." 

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