Boeing registers 8% revenue growth to $15 billion in Sept quarter
Boeing reported an 8 percent increase in revenue to $15.3 billion for the quarter ended September 30, 2021, driven by increased sales of commercial airplanes and services volume.
Net loss was down to $132 million from $466 million in the corresponding quarter of the previous year, according to the statement released by Boeing.
For the first nine months of 2021, revenue increased 11 percent to $47.5 billion and net loss was $126 million as against the earlier period net loss of $3.5 billion.
The freighter market remains robust, said David L Calhoun, president and chief executive officer, Boeing, in an earnings call after the announcement of the results. "With limited belly cargo capacity on passenger airlines, more dedicated freighters are being utilized to transport cargo. This is resulting in healthy demand for our freighter offerings, with 24 additional freighter airplanes ordered in the quarter and strong demand for Boeing converted freighters. In fact, our converted and new freighter orders through the first nine months of this year have already surpassed our highest annual freighter tally in history. As we look to the medium- and long-term, we see our original forecast still holds. We continue to expect passenger traffic to return to 2019 levels in 2023 to 2024, and then a few years beyond that, to return to long-term growth trends. "
Boeing is projecting the global freighter fleet in 2040 to be 70 percent larger than the pre-pandemic fleet, Calhoum said.
Commercial market demand continues to gain traction with broad-based vaccine distribution and border protocols beginning to open, Calhoun said. “Going forward, supply chain capacity and global trade will be key drivers of our industry and the broader economy's recovery."
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