(Boeing) Boeing reported a net loss of $1.242 billion in the first quarter of 2022, widening from a loss of $561 million in the prior year.
The company’s revenue in the first quarter came 8% lower from the prior year at $13.991 billion, missing estimates of $16.02 billion.
The planemaker said that the revenue for its Commercial Airplanes plunged by 2.5% to $4.16 billion, with the sales missing estimates of $5.42 billion. The company attributed the fall to “abnormal costs and period expenses, including charges from the Ukraine war.
Boeing still managed to narrow its free cash flow to a negative $3.57 billion, compared to last year’s negative $3.68 billion. The cash flow missed estimates of negative $2.92 billion.
The company confirmed that it has almost completed the global safe return to service of its grounded 737 MAX. The planemaker says the 737 production rate will continue to rise to around 31 airplanes per month in the second quarter.
BA: NYSE is down -3.55%
