Boeing had revenue of $15.956 billion in the third quarter, up 4% from a year earlier.

Thanks to CTOnews.com netizen kkkkkkkkkayd for the clue delivery! CTOnews.com, October 26 (Xinhua)-- Boeing today reported third-quarter revenue of $15.956 billion, up 4% from a year earlier, and a net loss of $3.308 billion, compared with a net loss of $132 million a year earlier. The company's chief executive said the company faced a "challenging environment."

Boeing's third-quarter loss widened, with revenue falling nearly $2 billion below analysts' expectations and down 0.68 per cent before trading. CTOnews.com learned that its shares closed up 3.24% on Tuesday, outpacing the 1.63% rise in the s & p 500 Index.

Boeing lost $5.49 a share, compared with a loss of 19 cents a share in the same period last year. Analysts surveyed by FactSet had expected earnings of 13 cents a share.

The company's third-quarter revenue was $15.956 billion, compared with $15.278 billion a year earlier. Analysts surveyed by FactSet expect sales of $17.911 billion.

Boeing CEO Dave Calhoun said the company's revenue and profits were severely affected by losses on fixed-price defense development projects. "We are fully focused on making these projects more mature, reducing risks, and serving our customers and their important missions," he said in a statement. "We are still in a challenging environment where more work needs to be done to maintain stability, improve performance and ensure continued implementation of commitments."

The company's defense, space and security revenues were $5.307 billion, compared with $6.617 billion in the same period last year. Operating margins for defence, space and security have been affected by 2.8 billion dollars in losses on some development projects. Boeing said this was due to expected higher manufacturing and supply chain costs, as well as technical challenges.

In addition, commercial aircraft revenue rose to $6.263 billion from $4459 in the same period last year, mainly due to the resumption of delivery of 787s and 737s.

Boeing generated a total of $3.19 billion in operating cash flow during the quarter. "We continue to make significant progress in turning things around and continue to focus on our results," Calhoun said. "We generated a lot of cash in the quarter and are steadily achieving positive free cash flow in 2022."

Boeing said its backlog of orders totaled $381 billion by the end of the quarter, including more than 4300 commercial aircraft.