Boeing Co. reported a wider than expected first-quarter loss on Wednesday, although revenue met Wall Street forecasts as the company generated cash by delivering more new airliners than it did a year ago.
Boeing lost USD 561 million – or USD 537 million after accounting for a loss attributable to a non controlling interest – as the coronavirus pandemic continued to hurt demand for new planes.
After the quarter ended, Boeing suffered a new setback with its 737 Max jetliners, more than 100 of which are now parked again because of issues around electrical grounding of some parts.
CEO David Calhoun said the pandemic continues to challenge the market for planes but said the company sees 2021 as a turning point, with distribution of vaccines against COVID-19 picking up. He said Boeing’s defense and space business is providing stability for the company.
Excluding one-time items such as a charge related to a building the next Air Force One presidential jets, Boeing’s loss was USD 1.53 per share. Analysts expected a loss of 97 cents per share, according to a FactSet survey.
News Source: businesstoday