Boeing’s $2.9 Billion Cash Gain Softens Blow of Earnings Miss
- Company says it has ‘sufficient liquidity’ after cash rebound
- Records $2.8 billion losses on fixed-price defense contracts
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Boeing Co.’s cash surged last quarter as it restarted 787 Dreamliner deliveries after a lengthy halt, dulling some of the pain after the aviation titan’s earnings missed Wall Street’s estimates for a fifth consecutive quarter.
The planemaker reported $2.9 billion of free cash flow for the third quarter, outpacing the $1.02 billion average of estimates compiled by Bloomberg. It’s only the second time Boeing has generated positive cash since Chief Executive Officer Dave Calhoun took the top job in early 2020. And it gave investors a glimpse of the bounty that awaits as the manufacturer clears hundreds of undelivered aircraft from its storage lots.