Boeing reported a $3.3 billion quarterly loss Wednesday after its defense business plunged $2.8 billion.
The U.S. plane maker however kept its cash flow goal for this year, after struggling to raise commercial jet production due to labor and supply shortages.
The manufacturer generated nearly $3 billion in free cash flow in the three months ended Sept. 30, up from outflows of $507 million a year earlier.
“Our revenue and earnings were significantly impacted by losses on fixed-price development programs in our defense business, driven by higher estimated manufacturing and supply chain costs,” Boeing Chief CEO Dave Calhoun said in a message to employees.
Boeing’s shares were down 0.5% at $145.92 in pre-market trade.
Despite problems in Air Force One, tanker programs, the company’s commercial unit’s revenue rose 40% from a year ago to $6.26 billion after delivering 112 planes in the third quarter, up from 85 a year earlier.
The Chicago based company said it handed over 86 MAX jets in the quarter, or just shy of 30 a month. Boeing needs to deliver roughly 44 jets per month in the fourth quarter to meet its 737 MAX delivery target this year.
Deliveries of its 787 Dreamliner resumed in August after a pause for much of the previous two years to address a series of manufacturing flaws.
