Boeing reported a $5.4-billion third-quarter loss on Wednesday as massive added costs from the delayed certification of its 777X aircraft weighed down its results.
The aviation giant scored a 30-per cent jump in revenues to $23.3 billion following much higher commercial plane deliveries compared with the year-ago level.
But the performance was marred by a one-time charge of $4.9 billion on the 777X program, which has faced a prolonged certification process with US air officials.
Chief executive Kelly Ortberg pointed to the October approval by the Federal Aviation Administration of an increased monthly production rate on the 737 MAX as a sign of the company鈥檚 progress.
He also noted that Boeing generated positive free cash flow during the quarter, a benchmark closely watched by Wall Street.
But Ortberg said more work is still needed to turn Boeing around after a series of safety problems, including two fatal 737 MAX crashes in 2018 and 2019 that have led to more intense FAA scrutiny over new plane certifications.
Boeing has pushed back commercial deliveries on the 777X to 2027 from the prior 2026 timeframe.
In a message to employees, Ortberg said the company鈥檚 defence operation in St Louis is 鈥榚ffectively executing our strike contingency plans鈥� following the vote Sunday by more than 3,000 workers to reject the company鈥檚 latest contract offer.
鈥榃hile we are disappointed in the 777X schedule delay, the airplane continues to perform well in flight testing, and we remain focused on the work ahead to complete our development programs and stabilize our operations in order to fully recover our company鈥檚 performance and restore trust with all of our stakeholders,鈥� Ortberg said.
Local Boeing officials in St. Louis have said the company is accelerating recruitment of replacement workers and welcoming back employees who cross the picket line. Union leaders have described Boeing as refusing to negotiate in good faith.
Shares of Boeing fell 0.9 per cent in pre-market trading.