Boeing (BA) reported came in below expectations with greater than expects losses and decline in the Q1 revs amid higher costs while at the same time they delayed its newest passenger jet. Boeing widened its loss to $2.75 a share while revenue dropped 8% to $13.99 billion.
In Q1, Boeing disclosed that it delivered 95 commercial jets and 41 defense jets, including one F-15 fighter jet, 86 Boeing 737 jets, and no 787 jets. The aerospace giant informed that it would pause production for its new, widebody 777X passenger jet through 2023, due to certification issues, and it now expects to push back the first deliveries by a year to 2025, with the delay leading to $1.5 billion in abnormal costs.
Boeing informed that it has submitted a 787 certification plan to flight-safety regulators, and it expects to continue boosting production of 737 Max, targeting 31 a month in the current quarter. Countries grounded the aircraft in recent years after two fatal flights. Analysts expect Boeing to swing to earnings of $2.82 per share in all of 2022 from a loss of $9.44 a year ago.
Dow 30 component Boeing (NYSE: BA) is the world’s largest aerospace company and leading manufacturer of commercial jetliners and defense, space, and security systems. To learn more about Boeing (BA) and to track its ongoing progress please visit the Vista Partners Boeing (BA) Coverage Page.
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