Boeing, losses of $343 million in the first quarter
On Wall Street at the opening, the stock gained 3.6 per cent but has been negative by more than 30 per cent since the start of the year
by Mara Monti
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Key points
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Boeing posted a net loss of $343 million in the first quarter of 2024, down from $414 million in the same period of 2023. Revenue stood at $16.569 billion (-8%) from $17.921 billion in Q1 2023,
Slowdown in 737 production
.In a note, CEO Dave Calhoun said that "Our first quarter results reflect the immediate actions we have taken to slow 737 production to improve quality," adding that "we will take the time necessary to strengthen our quality and safety management systems."
Free cash flow stood at $3.9 billion compared to $800 million last year as a result of fewer aircraft deliveries.
In the first quarter it acquired net orders for 125 aircraft including 85 737-10 Max for American Airlines and 29 777X for Ethiopian Airlines. 83 aircraft were delivered (130 last year) - including 13 787 Dreamliners, 67 Boeing 737s and 3 767s - with an order backlog of USD 448 billion or more than 5,600 aircraft.
On Wall Street at the opening, the stock gained 3.6 per cent but has lost more than 30 per cent since the start of the year
