The Boeing Company reported a quarterly loss of $1.24 billion as it reported setbacks on its jetliner and military programs, with supply-chain issues and Russian sanctions also weighing on the results.
The aerospace giant on Wednesday again pushed back expected deliveries of its new 777X twin-aisle jets to 2025, five years later than planned, though the company said it would resume deliveries of the 787 Dreamliner amid a prolonged freeze. One step closer to starting.
Boeing and other aerospace companies continue to struggle with supply-chain issues, but the American company has faced many other challenges on many of its commercial and military aircraft, including aircraft that could become the next Air Force One. will work in
The company said it would halt production of the 777X, which can carry around 400 passengers, and introduce a $1.5 billion booking fee to reflect the move. It also booked an additional $312 million in costs on the 787 program, part of an expected $2 billion bill for delayed production.
The company missed Wall Street’s forecast for profit and sales for the first quarter of March 31, though kept its guidance for free cash flow — to pay off debt accumulated to weather the pandemic — to be positive this year. was required. It burned through $3.2 billion in cash in the latest quarter.
An adjusted per-share loss of $2.75 compared to the consensus of a 25-percent loss among analysts surveyed by FactSet.
Boeing shares fell more than 3% in premarket trading.
Chicago-based Boeing charged more than $1 billion on the VC-25B presidential jet and new T-7A Air Force trainer due to supply chain issues, as well as $212 million to reflect contract costs related to sanctions on Russia .
Sales fell 8% in the quarter to $14 billion, with analysts expecting $16 billion.
Boeing doesn’t provide earnings guidance, but analysts expected Boeing to have a profit of $2.7 billion this year, after losses of $4.3 billion in 2021 and about $12 billion in 2020.
This story has been published without modification to the text from a wire agency feed