Boeing in the black again after reporting first quarterly profit since 2019
Jul 28, 2021, 7:48 AM
A worker leaves Boeing's airplane production facility on Feb. 22, 2021, in Everett, Washington. (Photo by David Ryder/Getty Images)
(Photo by David Ryder/Getty Images)
Boeing is making money again after it just reported its first quarterly profit since 2019. Second quarter results are in.
It’s not a ton of money, but after the last two years, this is a welcome sight for our region and the company. Boeing reported a $567 million profit in Q2 — that’s not chump change, but it’s nothing like the company used to see. However, compared to the $2.4 billion loss in Q2 last year, this is a good day.
Boeing reports record $11.9 billion loss in 2020 amid pandemic, 737 MAX struggles
Revenues for the quarter were $17 billion, which is a 44% increase over 2020. Year to date, revenues are up 12% over last year at $32 billion.
Once again, it was the defense and space side leading the financial charge, with the commercial airplanes division dragging things down.
Boeing delivered 79 commercial airplanes in the second quarter, and 156 for the year. Those are vast improvements over 2020 but, again, still not what the company is used to.
Only 14 of those deliveries are 787s. That’s down 22 from last year. The company has since halted deliveries of the plane as it tries to figure out a laundry list of manufacturing issues. There is also virtually no demand for the twin-aisle airplane right now as international travel continues to struggle.
Another piece of positive news from CEO David Calhoun: He says the job cuts are coming to an end. The company had planned to thin down to 130,000 global employees. It now plans to hold where it is at 140,000.
