Boeing Rises After Q2 Beats, Cutting Another 11,000 Jobs

Core loss per share of ($1.39) vs. $1.45 per share a year ago, as results continued to be significantly impacted by COVID-19 and the 737 MAX grounding.

Sees passenger traffic returning to 2019 levels in ~3 years; return to long-term trend a few years thereafter.

Operating cash flow of ($4.8B), down from ($5.3B) in Q2, while cash and marketable securities totaled $27.1B versus $32.4B in the prior quarter.

Revenue by segment: Commercial Airplanes -56%; Defense, Space & Security -2%; Global Services -21%.

“The 737 MAX has now completed around 1,400 test and check flights and more than 3,000 flight hours as it progresses through the robust and comprehensive certification process,” reads a press release.

Commercial Airplanes delivered 28 airplanes during the quarter, and backlog included over 4,300 airplanes valued at $313B (total backlog of $393B). No change to previously announced production rate assumptions.

Boeing said it would also increase its target for staff reductions, outlining another 11,000 job cuts that will take its overall headcount to under 130,000 by the end of 2021.