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Boeing is enjoying renewed business jet sales as air travel stabilizes after the pandemic shuts down. The aviation giant today (July 27) reported earnings for the quarter ended June 30. Despite posting a bigger-than-expected loss, the company’s stock rose in morning trading hours on strong cash and an earnings outlook for the rest of 2022.
Boeing has been operating with significant negative cash flow since the outbreak. The company returned to positive cash flow ($81 million) in the second quarter for the first time since 2019. The company has confirmed that it will return to cash flow in full in 2022 as it prepares to ground the 787 Dreamliner nearly two years into service due to production defects.
Boeing’s stock is down nearly 24 percent this year, but has been rising for the past six weeks, outperforming the Dow Jones Industrial Average.
At the Farnborough International Airshow, an annual aviation trade show, last week, Boeing announced several major orders for the 787 and 737 jets, including a $13.5 billion contract for 100 MAX 737-10 planes to Delta Air Lines.
Boeing today reported a net loss of $0.37 per share on revenue of $16.68 billion for the second quarter, while analysts had expected a loss of $0.13 per share on revenue of $17.58 billion.
Wall Street expects Boeing to lose $1.08 per share for the full year 2022, down significantly from a loss of $9.44 per share last year.
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