(New York) Boeing assured on Wednesday that it was very close to receiving the green light for the resumption of deliveries of the long-haul 787 and to be able to straighten the bar of its cash flow shortly, two good news clouded by the persistence of problems in its supply chain. ‘supply.
Updated yesterday at 1:27 p.m.
The aircraft manufacturer does not have enough engines for its flagship aircraft, the 737 MAX, management explained during a conference call.
It is also taking longer than expected to put the MAXs it has in stock back into service and does not know when it will be able to start delivering the device to China again.
Management has therefore revised downwards the number of MAXs it plans to deliver in total in 2022, to just over 400 against around 500 at the start of the year.
In the same vein, its European competitor Airbus lowered its aircraft delivery forecasts for 2022 on Wednesday due to the difficulties of suppliers – weakened by COVID-19 – to keep up with the ramp-ups.
The problem really isn’t demand, said company boss Dave Calhoun.
Even as the threat of a recession grows, “so far it hasn’t impacted the aviation industry or our customers,” the airlines, he said.
Boeing’s priority right now is to “stabilize” its supply chain, especially on the engine side.
This turbulence in production comes at a time when the group is making advances on other elements, first and foremost the 787.
“Fulfilling Orders”
Mr. Calhoun did not wish to advance on a precise date, but the company is “on the point” of obtaining authorization from the American Aviation Agency (FAA) for the resumption of deliveries of the long-haul, he said.
It would be a breath of fresh air for the manufacturer, which has not delivered a 787 to a customer for more than a year after the discovery of several manufacturing defects and is therefore not paid for these aircraft. .
In the meantime, Boeing is relying on deliveries of the 737 MAX, of which it now produces 31 copies per month.
Thanks to this plane, banned from flying for 20 months in 2019 and 2020 after two fatal accidents, the turnover generated by the commercial aviation division increased by 3% over the quarter.
The American manufacturer also claims to be able to generate positive free cash flow for the whole of 2022, a goal closely watched by investors.
The latter had initially welcomed the good news, but the action plunged into the red when management announced its new delivery forecasts for the MAX, before stabilizing around the balance.
Boeing has just racked up nearly 300 orders and commitments at the Farnborough Air Show (UK), well ahead of Airbus.
The order book of the American aircraft manufacturer remains less filled than that of its European competitor, but it would be “not productive” to stick to the race for customers, said Mr. Calhoun on CNBC.
Faced with production constraints that will probably remain for several years, “our task is to honor our orders,” he said.
The manufacturer’s total turnover fell by 2% between April and June, to 16.68 billion dollars, and its net profit fell by 67%, to 193 million.
The division dedicated to defence, space and security saw its turnover fall by 10% and recorded two charges: one of 147 million dollars linked to the MQ-25, future Navy refueling drone American, and the other of 93 million linked to the test flight in May of the Starliner capsule after many adventures.
The services division’s turnover increased by 6%, driven by the return of air traffic after the soft patch at the start of the COVID-19 pandemic.
For Peter McNally of investment firm Third Bridge, Boeing finally appears to be bouncing back after several tough years, with MAX deliveries ramping up and its finances improving.
“Even though inventories remain high, the company’s cash balance is at its highest since mid-2020 and total debt has continued to decline for the fourth consecutive quarter,” he said in a note.