Boeing reported a $2.4 billion loss for Q2, and the firm is planning to slow production in its commercial aircraft division as COVID 19 hits aircraft demand.
The US airframe maker reported Q2 revenue of $11.8 billion and a loss per share of $4.20 which it said primarily reflected the impacts of COVID 19 and the 737 MAX grounding. Boeing recorded operating cash flow of $5.3 billion.
"We remained focused on the health of our employees and communities while proactively taking action to navigate the unprecedented commercial market impacts from the COVID-19 pandemic," said chief executive Officer Dave Calhoun. "We're working closely with our customers, suppliers and global partners to manage the challenges to our industry, bridge to recovery and rebuild to be stronger on the other side."
Boeing gave a further update on its commercial aircraft production rate assumptions this quarter to reflect impacts of COVID-19 on its demand outlook. The 787 production rate will be reduced to 6 per month in 2021 while the 777/777X combined production rate will be gradually reduced to 2 per month in 2021, with 777X first delivery targeted for 2022. At this time, production rate assumptions have not changed on the 767 and 747 programmes.
Commercial Airplanes delivered 20 airplanes during the quarter, and backlog included over 4,500 airplanes valued at $326 billion.