Boeing Reported Larger Than Expected Quarterly Loss
Apr 27, 2022 By MarketDepth
Boeing (NYSE: BA) reported a larger than expected adjusted quarterly loss as it experienced higher costs on both commercial and defense aircraft as well as expenses linked to the war in Ukraine. Ultimately, the carrier decided to delay the launch of its newest passenger jet to 2025.
The multinational corporation reported an earnings loss of USD2.75 per share, compared to the expected loss of USD0.27 a share. Revenue amounted to USD13.99 Billion, significantly lower than analysts anticipated USD16.02 Billion.
“While the first quarter of 2022 brought new challenges for our world, industry and business, I am proud of our team and the steady progress we’re making toward our key commitments. We increased 737 MAX production and deliveries and made important progress on the 787 by submitting our certification plan to the FAA. Despite the pressures on our defense and commercial development programs, we remain on track to generate positive cash flow for 2022, and we’re focused on our performance as we work through certification requirements and mature several key programs to production. Leading with safety and quality, we’re taking the right actions to drive stability throughout our operations, deliver on our commitments to customers and position Boeing for a sustainable future.”Dave Calhoun, Boeing president and chief executive officer
Boeing shares have fallen 17% throughout the year and have a current market cap of USD88.92 Billion.