Boeing has reported second-quarter revenue of $16.7 billion, GAAP earnings per share of $0.32 and core loss per share (non-GAAP) of ($0.37), driven by lower defense volume and unfavorable performance, partially offset by higher commercial volume. Boeing recorded positive operating cash flow of $0.1 billion.

“We made important progress across key programs in the second quarter and are building momentum in our turnaround,” said Dave Calhoun, Boeing President and Chief Executive Officer. “As we begin to hit key milestones, we were able to generate positive operating cash flow this quarter and remain on track to achieve positive free cash flow for 2022. While we are making meaningful progress, we have more work ahead. We will stay focused on safety, quality and transparency, as we drive stability, improve performance, and continue to invest in our future.”

Cash and investments in marketable securities decreased to $11.4 billion, compared to $12.3 billion at the beginning of the quarter, primarily driven by debt repayment. The company has access to credit facilities of $14.7 billion which remain undrawn. Total company backlog at quarter-end was $372 billion.

Commercial Airplanes second-quarter revenue increased to $6.2 billion, driven by higher 737 deliveries, partially offset by lower 787 deliveries. Operating margin of (3.9)% also reflects abnormal costs and period expenses, including higher R&D expense.

Boeing stated that it has nearly completed the global safe return to service of the 737 MAX and the fleet has flown more than 1.5 million total flight hours since late 2020. The 737 production rate increased to 31 airplanes per month during the quarter.

On the 787 program, Boeing says thank it “continues to work with the FAA to finalize actions to resume deliveries and is readying airplanes for delivery”. The program is producing at a very low rate and Boeing says that it will continue to do so until deliveries resume, with an expected gradual return to five per month over time. The company still anticipates 787 abnormal costs of approximately $2 billion, with most being incurred by the end of 2023, including $283 million recorded in the quarter.

Commercial Airplanes secured orders for 169 737 MAX airplanes and 13 freighters, including seven 777-8 Freighters from Lufthansa Group. Commercial Airplanes delivered 121 airplanes during the quarter and backlog included over 4,200 airplanes valued at $297 billion.

Global Services second-quarter revenue increased to $4.3 billion and second-quarter operating margin increased to 16.9 percent primarily driven by higher commercial services volume and favorable mix.

At quarter-end, Boeing Capital’s net portfolio balance was $1.6 billion.