Boeing reports third quarter net loss of USD 6 billion

This is the group's second largest quarterly loss since mid-2018.

Boeing reported a net loss of $6.17 billion in the third quarter, due to the effects of a strike by more than 33,000 of its workers in mid-September and heavy spending in its commercial aviation and defense and space divisions.

Between July and September, the US aircraft maker's sales fell 1% to $17.84 billion, AFP reported.

On October 12, the group warned that its quarterly results would be weighed down by pre-tax charges of about $5 billion.

"My mission is quite clear. To steer this great ship in the right direction and return Boeing to the leadership position we know and desire," said Kelly Ortberg, the plane maker's chief since early August, in comments accompanying the release of those results.

"We are somewhat consumed by today's challenges, but we must build the foundation for tomorrow's Boeing," he added, detailing priorities for getting the plane maker back on the right track, starting with a "fundamental culture change" at the company.

"It's going to take time" for Boeing to regain its former footing, he continued.

The third-quarter net loss of $6.17 billion was the group's second-largest quarterly loss since mid-2018 - before the crashes of the two 737 MAX 8s that killed 346 people. In the fourth quarter of 2020, the group reported a loss of $8.42 billion.

The FactSet analyst consensus was for a loss of 6.12 billion.

On a per share basis and excluding exceptional items, the Group's net loss amounted to USD 10.44. The consensus was for a loss of USD 10.35.

In electronic trading before the opening bell on the New York Stock Exchange, Boeing shares were down 0.63%. | BGNES