Boeing reported a net loss of $428 million, or 67 cents per share, for the second quarter, which was worse than the expected loss of 30 cents per share. The company attributed a $280 million loss to its Air Force One program, which is set to deliver two 747s to the U.S. government, with the first delivery anticipated in 2028.
Despite the loss, Boeing's revenue increased by 8% year-over-year to $24.56 billion, surpassing analyst expectations of $24.25 billion, driven by a 14% rise in commercial aircraft deliveries, totaling 171 planes. The company also reported free cash flow of $631 million, significantly better than the expected cash burn of $177 million.
CEO Kelly Ortberg emphasized the importance of focusing on safety and quality to improve competitiveness in the second half of the year. Upcoming milestones include the certification of delayed aircraft programs, particularly the Boeing 737 Max 7, with further discussions expected regarding the 737 Max 10 and the 777X during an analyst call