Boeing increased revenue in second quarter

Saturday, July 31, 2021

Boeing recently 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. Rival Airbus reported a similar uptick in demand for commercial aircraft this morning.

David Calhoun, Chief Executive, Boeing said in a statement that the airline continued to make important progress in the second quarter as it focus on driving stability across operations and transforming the business for the future. He mentioned that while the commercial market environment is improving, the airline is closely monitoring Covid-19 case rates, vaccine distribution and global trade as key indicators for the industry’s stability.

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