Boeing in 'final stages' of Dreamliner restart, keeps cash flow goal - Reuters

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The Boeing logo is seen on the side of a Boeing 737 MAX at the Farnborough International Airshow in Farnborough, Britain, July 20, 2022. REUTERS/Peter Cziborra/File Photo

July 27 (Reuters) - Boeing Co (BA.N) on Wednesday stuck to its goal of generating free cash flow this year and said it was in the "final stages" of preparing to restart 787 Dreamliner deliveries.

Shares of the planemaker rose 3.6% in premarket trading, even as it posted a bigger-than-expected loss because of charges at its defense and space unit.

Some analysts were skeptical about Boeing achieving its cash flow goals this year, as the company works through industry-wide supply-chain disruptions and labor shortages that have hobbled production.

A resumption in deliveries of the wide-body Dreamliner would mark a significant milestone for Boeing as it looks to turn around its fortunes amid a resurgence in air travel.

Deliveries of the Dreamliner were halted for more than a year by inspections and repairs to fix manufacturing flaws in an industrial headache costing the company about $5.5 billion.

"Even as we navigate a difficult environment, we are making progress across key programs and are beginning to hit significant milestones," Chief Executive Dave Calhoun said in a letter to employees.

Boeing generated operating cash flow of $81 million in the second quarter. It had burnt $483 million in the year-ago quarter.

The company posted a core loss of 37 cents per share in the quarter through June, wider than analysts' estimates of a loss of 14 cents per share, as it recorded a $240 million charge at its defense, space and security unit.

The business, which was also weighed down by weak sales, has been a pain point for Boeing in recent years, delaying the company's recovery from successive crises in its commercial aviation business.

Revenue fell about 2% to $16.68 billion, missing expectations of $17.57 billion, as per Refinitiv data.

Reporting by Abhijith Ganapavaram in Bengaluru and Rajesh Kumar Singh in Chicago; Editing by Saumyadeb Chakrabarty

Our Standards: The Thomson Reuters Trust Principles.

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