Boeing Co. (NYSE: BA) reported third-quarter 2020 results before markets opened Wednesday. The aerospace company posted an adjusted diluted per-share loss of $1.39 on revenues of $14.1 billion. In the same period a year ago, the company reported earnings per share (EPS) of $1.45 on revenues of $20.0 billion. Third-quarter results also compare to consensus estimates for a per-share loss of $2.32 on revenues of $14.5 billion.

The company burned $4.8 billion in cash during the third quarter, and free cash flow came in at a negative $5.1 billion. Boeing delivered just 28 commercial jets in the third quarter.

In the company’s commercial airplane division, revenue tumbled by 55% year over year and the loss from operations totaled $1.4 billion. Defense division revenue slipped by 2% and operating earnings totaled $628 million, down 17% compared with last year. The global services division posted a profit from operations of $271 million, down from a profit of $683 million a year ago.

On a GAAP basis, Boeing’s loss per share totaled $0.79. The larger adjusted loss per share was due to a net loss from operations of $401 million, compared with an operating profit of $1.3 billion in the year-ago quarter.

Earlier this month, Boeing announced that it will transition all production of its 787 Dreamliner to its facility in South Carolina. The announced move had no significant impact on third-quarter results. The company said its backlog of commercial jets totals more than 4,300 airplanes valued at $313 billion.

CEO David Calhoun commented: “Despite the near-term headwinds, we remain confident in our long term future and are focused on sustaining critical investments in our business and the meaningful actions we are taking to strengthen our safety culture, improve transparency and rebuild trust.”

Boeing did not offer guidance other than to say that it was making “steady progress toward the safe return to service of the 737 MAX.” Analysts are estimating a fourth-quarter loss-per-share of $1.04 on revenue of $18.2 billion. For the full year, the consensus estimate calls for a loss of $9.62 per share on revenue of $61.1 billion.

Boeing shares traded down about 3.1% Wednesday morning to $150.37, in a 52-week range of $89.00 to $375.60. The consensus price target on the stock is $177.36.

At the current share price, Boeing’s stock is trading at a multiple of 41 times expected 2021 earnings. That’s pretty rich.

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