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EARNINGS-Boeing posts fourth straight quarterly loss as sales slump

Credit: REUTERS/KAREN DUCEY

Boeing reported its fourth straight quarterly loss on Wednesday as the coronavirus crisis and the 737 MAX jet grounding hurt sales, while reaffirming its expectation that U.S. deliveries of the aircraft would resume before year-end.

Adds details on the quarter

Oct 28 (Reuters) - Boeing BA.N reported its fourth straight quarterly loss on Wednesday as the coronavirus crisis and the 737 MAX jet grounding hurt sales, while reaffirming its expectation that U.S. deliveries of the aircraft would resume before year-end.

Boeing said it was sticking with the deeply reduced widebody production rates announced in July, as well as the goal to hit a build rate of 31 narrowbodies monthly in early 2022.

The planemaker said sales in the defense business dipped 2% to $6.85 billion, while commercial jet revenue slumped 56% to $3.60 billion.

Excluding items, Boeing lost $1.39 per share in the third-quarter ended Sept. 30.

(Reporting by Eric M. Johnson in Seattle and Ankit Ajmera in Bengaluru; Editing by Anil D'Silva)

((Eric.M.Johnson@thomsonreuters.com; Ankit.Ajmera@thomsonreuters.com))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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