Boeing reported a $17 billion revenue for the second quarter of 2021, up from $11.8 billion in 2020 Q2 following higher commercial deliveries. The company announced a profit of $567 million, following close to two years of losses.
The Plane Manufacturer reported adjusted earnings per share of $0.40 compared to analysts expectations of a per-share loss of $0.83
Financial results from the company show that it delivered 79 commercial aeroplanes in the period, up from 20 in 2020 Q2, maintaining a backlog of 4,100 aeroplanes with an estimated value of $285 billion. Commercial aeroplane revenues grew from $1.6 billion to $6.02 billion.
The company also recorded an increase in revenues from other categories. Revenues from defence, space & security grew by 4.3% to 6.8 billion, while its financing arm Boeing capital raked $78 million, a 13% increase Year on Year. Boeing Global Services brought in $4.06 billion, up from $3.49 billion, as airlines across the world converted passenger planes to ferry cargo.
Boeing 737 Max Pushing Commercial Airplane Revenues
A larger part of the boosted revenues for commercial planes follows a surge in sales and deliveries of the 737 Max. The plane manufacturer delivered 50 737 max jets in the quarter ended June 30, compared to only 3 for 2020 Q2.
Revenues for the 737 grew after United Airlines and Southwest Airlines made massive orders for the planes, a sign of trust after planes were banned following crashes in 2018 and 2019. United Airlines ordered 200 737 max Jets at the end of June 2021, while Southwest ordered 100 737’s in March 20201. Nevertheless, CNBC reports that Boeing slashed its delivery forecasts for the planes, pausing handovers after the manufacturer discovered another manufacturing flaw on the plane.