Boeing revenue beats estimates as deliveries climb, backlog hits record

Boeing Co (NYSE:BA, XETRA:BCO) posted a wider-than-expected quarterly loss but beat revenue estimates, as the planemaker's commercial deliveries climbed and its backlog swelled to a record $715 billion.

The company reported second-quarter revenue of $24.6 billion, up 8% from a year earlier and ahead of the $24.25 billion analysts had expected. Adjusted loss per share came in at $0.76, missing the $0.30 loss estimate. Profitability was weighed down by a $280 million charge on the troubled VC-25B Air Force One replacement program, driven by escalating engineering, production and certification costs.

Boeing delivered 171 commercial aircraft during the quarter, up 14% from 150 a year earlier, driven primarily by its 737 MAX program. By segment, Commercial Airplanes generated $11.8 billion in revenue, up 8% year-over-year. Defense, Space & Security revenue rose 13% to $7.5 billion, while Global Services revenue was roughly flat at $5.3 billion, up 1%.

Operating cash flow surged 501% year-over-year to $1.4 billion, and free cash flow came in positive at $0.6 billion, well above the negative $0.31 billion analysts had projected.

The company's total backlog expanded to a record $715 billion, including more than 6,200 commercial airplanes valued at $597 billion. Boeing maintained its full-year guidance for positive free cash flow of $1 billion to $3 billion and operating cash flow of $5 billion to $7 billion as it looks toward a stronger second half. "Our operations are more stable and key certification programs remain on plan," Boeing said. "While there is more work ahead in the second half of the year, the momentum we are building continues to move Boe...