{"id":310976,"date":"2021-07-28T21:13:04","date_gmt":"2021-07-28T18:13:04","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/boeing-posts-first-profit-in-almost-2-years\/"},"modified":"2021-07-28T21:13:04","modified_gmt":"2021-07-28T18:13:04","slug":"boeing-posts-first-profit-in-almost-2-years","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/boeing-posts-first-profit-in-almost-2-years\/","title":{"rendered":"#Boeing posts first profit in almost 2 years"},"content":{"rendered":"

“#Boeing posts first profit in almost 2 years<\/strong>”<\/p>\n

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Boeing on Wednesday posted its first quarterly profit in\u00a0almost\u00a0two\u00a0years, as\u00a0deliveries\u00a0of its best-selling\u00a0737\u00a0MAX\u00a0jets to airlines gained traction amid a sharp rebound in travel<\/a> bookings following an increase in global COVID-19 vaccinations.<\/p>\n

The\u00a0737\u00a0MAX\u00a0is integral to\u00a0Boeing\u2019s financial recovery, as the US planemaker scrambles to recoup billions of dollars in lost sales from the pandemic, push past the safety scandal caused by\u00a0two\u00a0fatal\u00a0737\u00a0MAX\u00a0crashes, and deal with structural defects of its bigger, more\u00a0profitable 787 planes.<\/p>\n

Boeing\u00a0shares were up 5% at $233 in midday trading following the results, which were also fueled by higher defense and services sales.<\/p>\n

Chief executive officer David Calhoun said in a message to employees the company now plans to keep staffing levels stable at around 140,000 employees, after previously targeting a reduction to 130,000 by the end of 2021.<\/p>\n

Calhoun told investors on the company\u2019s earnings conference call, \u201cThe U.S. domestic market is showing remarkable recovery.\u201d But he cautioned\u00a0Boeing\u2019s recovery faces threats such as a longer-off return of international travel, COVID-19 variants, and a labor shortage in its sprawling supply chain.<\/p>\n

\u201cWe anticipate a multi-year recovery,\u201d Calhoun added.<\/p>\n

\n
\"Boeing
Boeing CEO David Calhoun said the planemaker planned to retain staff levels on the heels of the company\u2019s turning a profit again for the first time in almost two years. <\/figcaption>
AFP via Getty Images<\/span><\/figcaption><\/figure>\n<\/div>\n

Boeing\u2019s\u00a0737\u00a0MAX\u00a0remains grounded in China, where trade tensions between Washington and Beijing have stunted sales, though Calhoun said he still expects the\u00a0737\u00a0MAX\u00a0to win app<\/a>roval before year-end.<\/p>\n

\u201cHopefully bigger trade issues don\u2019t get in the way,\u201d Calhoun added.<\/p>\n

The company is also working against tougher regulatory scrutiny and weak demand for its delayed 777X mini-jumbo, and months of costly repairs and forensic inspections to fix production-related defects on its 787 program.<\/p>\n

\n
\"Three
Boeing has been battling back from the scandal that developed after two fatal crashes of its 737 MAX jets, including a 2019 Ethiopian Airlines flight that killed all 157 people onboard.<\/figcaption>
Getty Images<\/span><\/figcaption><\/figure>\n<\/div>\n

Boeing\u00a0reiterated plans to cut 787 production to an unspecified rate lower than five jets per month after finding a new problem,\u00a0first\u00a0reported by Reuters, and to deliver fewer than half of the lingering 100 or so 787 Dreamliners in its inventory this year \u2014 instead of the \u201cvast majority\u201d it had expected.<\/p>\n

\u201cGood news<\/a>, the inspections are done, toe to tail,\u201d Calhoun said. \u201cThe underlying causes are getting understood and resolved.\u201d<\/p>\n

Calhoun added that\u00a0Boeing\u00a0may need to rethink its plan for production rate increases if the\u00a0737\u00a0MAX\u00a0is not approved in China by year-end.<\/p>\n

\"Rear
Boeing cited increased sales of its controversial 737 MAX jet in helping it turn a profit.<\/figcaption>
Getty Images<\/span><\/figcaption><\/figure>\n

Boeing\u00a0said it has delivered more than 130\u00a0737\u00a0MAXs since a safety ban on that jet was lifted in November 2020, and that it was building 16\u00a0737\u00a0MAX\u00a0jets per month at its Seattle-area factory. It aims to increase output to 31 per month by early 2022.<\/p>\n

\u201cDefense markets are strong and they\u2019re successfully conserving cash,\u201d said Teal Group analyst Richard Aboulafia. \u201cMuch depends on the angle of the commercial recovery.\u201d<\/p>\n

Looking to build momentum,\u00a0Boeing\u00a0is preparing to launch its delayed CST-100 Starliner astronaut capsule to the International Space Station on Friday in a crucial do-over test following a near-\u201ccatastrophic failure\u201d during its 2019 debut.<\/p>\n

\"The
Boeing still faces challenges, including delays of its 777x jet.<\/figcaption>
Getty Images<\/span><\/figcaption><\/figure>\n

Calhoun said he is \u201coptimistic, confident\u201d about Friday\u2019s launch after software flaws and NASA reviews sidelined its Starliner for 18 months, and about\u00a0Boeing\u2019s ability to compete against newer space players such as billionaire entrepreneur Elon Musk\u2019s SpaceX and Jeff Bezos\u2019 Blue Origin.<\/p>\n

Boeing\u2019s core operating\u00a0profit\u00a0was $755 million in the second quarter, compared with a loss of $3.32 billion a year earlier.<\/p>\n

Revenue rose 44% to about $17 billion.<\/p>\n

\n
\"Jeff
Boeing faces increased competition from companies like Blue Origin, led by Jeff Bezos.<\/figcaption>
Getty Images<\/span><\/figcaption><\/figure>\n<\/div>\n

Analysts had on average expected\u00a0Boeing\u00a0to report a quarterly loss of $454.8 million on revenue of $16.54 billion, IBES data from Refinitiv showed.<\/p>\n

Boeing\u2019s commercial airplanes division, its traditional\u00a0profit\u00a0powerhouse, reported a quarterly loss of $472 million, but its defense business earned $958 million and its services division took in $531 million.<\/p>\n

Boeing\u00a0still expects to turn cash flow positive in 2022.\n <\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Boeing posts first profit in almost 2 years” Boeing on Wednesday posted its first quarterly profit in\u00a0almost\u00a0two\u00a0years, as\u00a0deliveries\u00a0of its best-selling\u00a0737\u00a0MAX\u00a0jets to airlines gained traction amid a sharp rebound in travel bookings following an increase in global COVID-19 vaccinations. The\u00a0737\u00a0MAX\u00a0is integral to\u00a0Boeing\u2019s financial recovery, as the US planemaker scrambles to recoup billions of dollars in lost…<\/p>\n","protected":false},"author":1,"featured_media":310977,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/07\/boeing-posts-profit-again.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[112952,76145,76146,70237],"class_list":["post-310976","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-7-28-21","tag-boeing","tag-boeing-737-max","tag-corporate-earnings"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/310976","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=310976"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/310976\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/310977"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=310976"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=310976"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=310976"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}