Boeing posts $1.4B loss in 2nd quarter, revenue falls 15%

By Ovunc Kutlu

ISTANBUL (AA) - US-based global aerospace manufacturer Boeing saw a net loss of over $1.4 billion in the second quarter of this year, and an annual revenue decline of almost 15%, according to its financial results statement released Wednesday.

The defense contractor posted a net loss of nearly $1.44 billion in April-June period, which is a steep decline from a $149 million loss recorded in the same period of last year.

Net loss from operations widened to almost $1.1 billion, from $99 million, during that period.

Total revenues came in at $16.86 billion in the second quarter -- a 14.6% decrease from $19.75 billion the same quarter of 2023.

For the first half of this year, net loss totaled almost $1.8 billion, while net loss from operations amounted to approximately $1.18 billion.

Revenues for January-June period stood at $33.43 billion, showing an 11.2% loss from $37.67 billion in the first half of 2023.

"Despite a challenging quarter, we are making substantial progress strengthening our quality management system and positioning our company for the future," said Dave Calhoun, Boeing president and CEO. "We are executing on our comprehensive safety and quality plan and have reached an agreement to acquire Spirit AeroSystems."

Boeing on July 1 announced it will acquire American commercial airplane manufacturer Spirit AeroSystems in an all-stock transaction at an equity value of approximately $4.7 billion, while the total transaction value is approximately $8.3 billion including Spirit's last reported net debt.