Boeing announced strong second-quarter financial results, with an 8% increase in revenue year-over-year, reaching $24.6 billion. This growth was attributed to higher commercial plane deliveries and improved performance in its defense, space, and security segments. Despite the revenue increase, the company reported a GAAP loss per share of $0.67 and a core loss per share of $0.76. The loss was wider than analysts' projections and included a $280 million charge related to the VC-25B Air Force One program, which has seen its cost overruns surpass $3.1 billion.
Operating cash flow for the quarter was $1.4 billion, and free cash flow stood at $0.6 billion, exceeding analyst expectations of an outflow. The company's total backlog reached a record $715 billion, with the commercial airplanes segment accounting for over 6,200 airplanes valued at $597 billion. CEO Kelly Ortberg expressed satisfaction with the team's progress, emphasizing a focus on safety, quality, and on-time performance as Boeing works to restore trust and navigate its turnaround.
The Air Force One program, while contributing to the quarterly loss, is reportedly transitioning from the engineering phase to modification and testing. The initial delivery of an Air Force One aircraft, originally targeted for December 2024, is now anticipated for mid-2028. Boeing's shares saw a significant jump of 4.6% following the announcement, reflecting investor confidence in the company's progress despite the reported loss and the ongoing challenges with specific programs.
