Giant US-based global aerospace and defence group Boeing released its results for both the first half (1H22) and the second quarter of 2022 (2Q22) on Wednesday. For 1H22 it accrued revenues of $30.672-billion – a 5% decline in comparison to the figure of $32.215-billion for the first half of 2021 (1H21). (These and other figures were calculated by Boeing using the Generally Accepted Accounting Principles, or GAAP.) 2Q22 revenues came to $16.681-billion, a 2% reduction in comparison to the revenues for the same period last year (2Q21).

During 1H22, the group suffered losses from operations of $395-million, in comparison to the positive earnings of $940-million achieved in 1H21. However, during 2Q22 Boeing achieved positive earnings from operations of $774-million, although this was a 24% fall in comparison to the earnings of $1.023-billion recorded in 2Q21.

For 1H22, the group had net losses of $1.082-billion, in comparison to the net earnings of $6-million during 1H21. For 2Q22, the company recorded net earnings of $160-million, a significant decrease over the net earnings of $567-million in 2Q21.

Operating cash flow during 1H22 was negative $3.135-billion, which was an improvement over the negative $3.870-billion of 1H21. For 2Q22, it was positive $81-million, a significant improvement over the negative $483-million recorded during 2Q21.

“We made important progress across key programmes in the second quarter and are building momentum in our turnaround,” stressed Boeing president and CEO Dave Calhoun. “As we begin to hit key milestones, we were [sic] able to generate positive operating cash flow this quarter and remain on track to achieve positive free cash flow for 2022. While we are making meaningful progress, we have more work ahead. We will need to stay focused on safety, quality and transparency, as we drive stability, improve performance, and continue to invest in our future.”

Among operational highlights for the group during 2Q22 were the successful second orbital flight test of the CST-100 Starliner space capsule, and work with the US Federal Aviation Administration on the final actions needed to resume deliveries of Boeing 787 widebody airliners to customers. Production of the Boeing 737 was increased to 31 a month. Total commercial aircraft deliveries amounted to 216 during 1H22, up 36% from the 156 delivered during 1H21. For 2Q22, commercial aircraft deliveries totalled 121, a 53% increase over the 79 delivered in 2Q21.