Q2 2024 Boeing Co Earnings Call Transcript
Key Points
- Boeing Co (BA) has made significant progress in improving safety and quality management systems, with key performance indicators showing positive trends.
- The company has successfully transferred the fuselage inspection process to Wichita, leading to improved quality and reduced flow times.
- Boeing Co (BA) received type inspection authorization for the 777-9 and began certification flight testing with FAA personnel on board.
- Global Services continues to deliver strong results, with a robust backlog and high operating margins.
- The planned acquisition of Spirit AeroSystems is expected to enhance supply chain stability and unify safety and quality management systems.
- Boeing Co (BA) reported a core loss per share of $2.90, reflecting lower commercial delivery volume and significant losses on fixed-price defense development programs.
- Free cash flow was a usage of $4.3 billion in the quarter, impacted by lower commercial deliveries and unfavorable working capital timing.
- The defense segment experienced a $1 billion loss on fixed-price development contracts, with operating margins at minus 15.2%.
- Inventory levels remain high, with approximately 90 737-8s built prior to 2023 still in inventory, primarily for customers in China and India.
- The company faces ongoing challenges with supply chain constraints, particularly in the production of the 787, impacting delivery schedules.
Thank you for standing by. Good day everyone, and welcome to the Boeing Company's second quarter 2024 earnings conference call. Today's call is being recorded. The management discussion and slide presentation plus the analyst question and answer session are being broadcast live over the Internet.
(Operator Instructions) I'm turning the call over to Mr. Matt Welch, Vice President of Investor Relations for The Boeing Company. Mr. Welch, please go ahead.
Thank you, Lois, and good morning, everyone. Welcome to Boeing's quarterly earnings call. I am Matt Welch, and with me today are Dave Calhoun, Boeing's President and Chief Executive Officer; and Brian West, Boeing's Executive Vice President and Chief Financial Officer. As a reminder, you can follow today's broadcast and slide presentation at boeing.com.
Projections, estimates and goals included in today's discussion involves risks, including those described in our SEC filings and in the forward-looking statement disclaimer at the beginning of the
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