Aircraft manufacturer Boeing has reported a small adjusted profit, as commercial market demand rises thanks to travel restrictions easing around the world.
In the third quarter, its core operating profit was $59 million, compared to a $754 million loss in Q3 2020. Year-on-year, revenues rose 8% to $15.2 billion.
Problems and delays with the production of its 787 Dreamliners are expected to result in about $1 billion of ‘abnormal costs’, of which $183 million was recorded in the quarter.
Boeing is also “continuing to make progress on the global safe return” to service of the 737 Max.
The US Federal Aviation Administration lifted a ban on the new-generation aircraft in November 2020 after a 20-month review following the fatal crashes in Indonesia in 2018 and Ethiopia in 2019.
Since the lifting of the ban, Boeing has delivered more than 195 737 Max aircraft and airlines have returned more than 200 previously grounded airplanes to service.
A total of 31 airlines are now operating the 737 Max and the company is currently producing at a rate of 19 per month, heading towards a production rate of 31 per month in early 2022.
Boeing’s chief executive David Calhoun said: “We are driving stability across our operations, investing in our future and positioning our teams to deliver for our customers as the market recovers.
“Commercial market demand continues to gain traction with broad-based vaccine distribution and border protocols beginning to open.”