Boeing returns to profit in second quarter

Boeing returns to profit in second quarter

Boeing has reported second-quarter revenue of $17 billion, driven by increased demand for commercial aircraft.

The figure is up 44 per cent from the $11.8 billion recorded in the same period last year.

The manufacturing giant said GAAP earnings per share of $1 and core earnings per share of $0.40 primarily reflected higher commercial volumes and lower costs.

Boeing recorded a net profit of $567 million for the second quarter, compared to a loss of $2.4 billion in the same period last year.

In response, the company said it now planned to cut 10,000 fewer jobs than it forecast during the depths of the Covid-19 pandemic.

The company has about 140,000 employees at present and expects to stay at that level.

Boeing said in October last year that it was aiming to reduce its staff from 160,000 to 130,000 through lay-offs, voluntary departures and attrition as the crisis and travel restrictions devastated demand for new jets.

“We continued to make important progress in the second quarter as we focus on driving stability across our operations and transforming our business for the future,” said Boeing chief executive, David Calhoun.

“While our commercial market environment is improving, we are closely monitoring Covid-19 case rates, vaccine distribution and global trade as key indicators for our industry’s stability.”

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