SAN FRANCISCO, Oct. 27 (Xinhua) -- U.S. aerospace giant Boeing on Tuesday reported a sharp reduction in its third-quarter net loss, while revenue rose 4 percent year on year to 24.19 billion U.S. dollars, driven by stronger defense and services businesses.
For the quarter that ended Sept. 30, Boeing posted a net loss of 116 million dollars, compared with 5.34 billion dollars a year earlier. Diluted loss per share narrowed to 26 cents from 7.14 dollars, while core loss per share, a non-GAAP measure, narrowed to 34 cents from 7.47 dollars.
Operating profit reached 354 million dollars, reversing a 4.78-billion-dollar loss, while operating margin improved to 1.5 percent from negative 20.5 percent.
Commercial airplanes revenue fell 3 percent to 10.7 billion dollars, reflecting a less favorable delivery mix. The division's operating loss narrowed to 697 million dollars from 5.35 billion dollars, while deliveries edged up to 161 aircraft from 160.
Boeing said higher projected costs associated with future production rate adjustments and increased supply chain costs weighed on the division's performance. The year-earlier results were affected by a charge related to the 777X program.
Defense, space and security revenue rose 15 percent to 7.94 billion dollars, with operating profit increasing to 492 million dollars from 114 million dollars, partly reflecting a 252-million-dollar gain from the sale of HRL Laboratories.
Global services revenue grew 4 percent to 5.57 billion dollars, while operating profit reached 1.02 billion dollars.
Operating cash flow rose 33 percent year on year to 1.5 billion dollars, while free cash flow, a non-GAAP measure, reached 464 million dollars. Total order backlog rose to a record 745 billion dollars, including more than 6,300 commercial airplanes.
Boeing also reported progress in its aircraft certification programs. The 737-7 received amended type certification from the U.S. Federal Aviation Administration during the quarter, while the 737-10 obtained certification in October. The company said the 777X program remains on track for its first delivery in 2027.
