David Koenig
A line of Boeing 777X jets are parked nose to tail on an unused runway at Paine Field, near Boeing s massive production facility, Friday, April 23, 2021, in Everett, Wash. Boeing Co. on Wednesday, April 28, reported a loss of $537 million in its first quarter. The Chicago-based company said it had a loss of 92 cents per share. Losses, adjusted for non-recurring gains, were $1.53 per share. (AP Photo/Elaine Thompson) April 28, 2021 - 10:19 AM
Boeing Co. reported a wider than expected first-quarter loss on Wednesday and took another charge on its program to build two new Air Force One presidential planes after firing a contractor it hired to help perform the work.
Boeing burns more cash on 787 delivery halt, Max restitution
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Boeing Co.âs cash burn was worse than expected as tumbling 787 Dreamliner deliveries and diminished 737 Max profits signaled that the planemaker still faces a grinding recovery from the coronavirus pandemic and the longest jetliner grounding in U.S. history.
Free cash outlays totaled US$3.68 billion during the first quarter, Boeing said in a statement Wednesday. That was worse than the US$3.34 billion burn predicted by Wall Street. Boeing also posted a deeper-than-expected net loss and recorded a US$318 million charge stemming in part from a supplier spat on its contract to build new Air Force One jets.
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Boeing Co. reported a wider-than-expected first-quarter loss on Wednesday and took another charge on its program to build two new Air Force One presidential planes after firing a contractor it hired to help perform the work.
The company did not provide a timetable for fixing the latest problem with its 737 Max jet, an electrical issue that has forced airlines to park about 100 of the planes.
The combination of self-inflicted damage and a coronavirus pandemic that has depressed demand for new planes pushed Boeing to its sixth straight quarterly loss. However, CEO David Calhoun said the company is at an “inflection point,” with an increase in vaccinations against COVID-19 raising hopes for a rapid recovery in air travel that could translate to aircraft orders.
Chicago-based Boeing reported a wider than expected first-quarter loss, took another charge on building two new Air Force One presidential planes and did not provide a timetable for fixing the latest 737 Max problem.