Boeing, the biggest aircraft manufacturer in the world by revenue, revealed its financial results for the third quarter of 2019.
Firstly, Boeing’s profit per share was 1,45 USD compared to the third quarter of 2018 which saw the company reporting a profit per share of 3,58 USD. However, the aircraft manufacturer expected profit per share figures to be at 2,07 USD for the third quarter of the year.
Boeing’s revenue, compared to last year, fell 21% to 19,98bn USD, although the company still managed to exceed their goal of 19,61bn USD of revenue during the third quarter.
The company’s profits shrank by 95% compared to the same period last year. Additionally, Boeing’s operating free cash flow was at negative 2,89bn USD compared to the third quarter of 2018 when the free cash flow was at positive 4,1bn USD.
Moreover, the Boeing Company has said that they expect to receive approvals from authorities to operate its narrow-body 737MAX series aircraft shortly. They are hoping to produce up to 57 aircraft per month at the end of 2020. The aircraft type is currently grounded worldwide following two major accidents killing more than 300 people.
In other Boeing news, the board of directors have removed the CEO of Commercial Airplanes at Boeing in an effort to improve the company's reputation. This comes after conversations between Boeing and pilots of the 737MAX were uncovered, which hinted at possible issues with 737MAX series aircraft before the accident.