Boeing Reports First Quarter Net Loss on Higher Revenue

The company said its results reflect a combination of strong demand and unusual costs.

Thursday, April 27, 2023 at 04:23 PM ET

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In announcing first-quarter results, Boeing said it plans to boost production of 737 and 787 jets. [Credit: Shutterstock]

Key Takeaways:

Boeing reported a first-quarter net loss of $425 million, which was narrower than the previous year, while revenue increased by 28 percent to $17.92 billion.
The loss was primarily attributed to unusual commercial aircraft expenses and ongoing supply chain difficulties, including a new quality issue with 737 fuselage fittings that will slow near-term production.
Despite these challenges, Boeing expressed confidence in its performance, with plans to significantly increase production rates for both 737 and 787 aircraft models by 2025-2026.
The company secured substantial new orders, notably from Air India, Riyadh Air, and Saudi Arabian Airlines, contributing to a robust backlog of 4,500 airplanes valued at $334 billion.

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The Boeing Company [NYSE: BA] reported a first-quarter loss, which it attributed in part to unusual expenses in its commercial aircraft operations, and the general effects of supply-chain difficulties. However, the company said its businesses are performing well, with increased revenue and plans to boost production of certain aircraft models.

The net loss totaled $425 million, or 69 cents per share, compared with a loss of $1.16 billion, or $2.06 per share, a year earlier. Revenue for the quarter rose 28 percent to $17.92 billion from $13.99 billion a year earlier.