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IPFS News Link • Business/ Commerce

Boeing Beats As It Burns $5 Billion In Q3, Will Cut Another 11,000 Workers

•, Tyler Durden

The reason: the company said it was still "significantly impacted" by Covid-19, and the ongoing 737 Max woes.

A quick recap of Boeing's Q3 numbers:

Revenue $14.14 billion, -29% y/y, beating the estimate $13.84 billion

Core loss per share $1.39 vs. EPS $1.45 y/y, beating the estimate loss/share $2.08

Boeing said Q3 operating margin decreased to 7.3% primarily due to lower commercial services volume and additional severance costs.

On the production front, the total backlog dropped 16% Y/Y to just $393 billion, or about 4,300 commercial planes

Commercial plane deliveries were ugly, tumbling 56%Y/Y to just 28, if a +40% improvement q/q; Commercial Airplanes revenue of $3.60 billion was in line with estimates of $3.60 billion.

Elsewhere, Defense, Space & Security revenue was $6.85 billion, estimate $7.12 billion, while Global Services revenue $3.69 billion, estimate $3.59 billion.