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 Q1 net loss of $425 million, an improvement from the prior year, with overall revenue increasing by 28% to $17.92 billion.
The loss was partly attributed to unusual commercial aircraft expenses and supply chain issues, including a fuselage quality problem that will slow near-term 737 production and deliveries.
Despite these challenges, the company remains confident in its annual goals, plans to increase production rates for both 737 and 787 models in the coming years, and secured significant new aircraft orders, contributing to a backlog of 4,500 airplanes.

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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.