Boeing Defense, Space & Security Q2 2022

In its Q2 2022 financials, manufacturer Boeing’s Defense Space & Security division reported:

• A 10% YoY decline in revenues for Defense, Space & Security in the second quarter of 2022 – $6.2 million, compared to $6.9 million in the same time last year.
• Most of the decline was attributed to “unfavorable performance on other programs and lower volume on derivative aircraft programs.”
• The segment recorded a $93 million charge on the Commercial Crew program for NASA, due to launch manifest updates and additional costs associated with the second Starliner crew vehicle test completed in May. 
• Backlog at Defense, Space & Security stands at $55 billion, with 33% representing orders from customers outside the U.S.
• The company overall reported a 2% dip in revenues in the second quarter at $16.7 billion.
• Net earnings were $160 million compared to $567 million in the second quarter last year.
• CEO Dave Calhoun: “We were able to generate positive operating cash flow this quarter and remain on track to achieve positive free cash flow for 2022.”