Boeing Reports 21% Profit Decline in Second Quarter
Revenue for the three months ended June 30 fell 9% to $15.57 billion from the prior year’s $17.15 billion.
The Chicago-based company said Boeing Commercial Airplanes 2Q revenue declined 12% to $7.4 billion, on 9 percent fewer airplane deliveries. Operating margin was 9.2 percent as strong performance partially offset the impact of lower deliveries.
Commercial Airplanes booked 88 gross orders during the quarter while 20 orders were removed from its order book. This contrasts with the year-ago period when net orders were five airplanes.
The company said the 787 first delivery continues to be planned for the end of 2010, although “there is added pressure to the schedule and risk that initial delivery may move a few weeks” as the company completes flight test and certification requirements. Total firm orders for the 787 at quarter-end were 863 airplanes from 56 customers.
“With our commercial markets recovering, and the priorities of our government customers gaining clarity, we remain well positioned for growth in 2011 and beyond,” said said Jim McNerney, Boeing chairman, president and chief executive officer.