Boeing Q1 Loss Sharply Narrows, But Misses Estimates

(RTTNews) - Boeing Co. (BA) reported on Wednesday a loss for the first quarter that sharply narrowed from last year, reflecting a 28 percent revenue growth amid higher commercial volume. However, core loss per share came in below analysts' expectations, while quarterly revenues topped it.

For the first quarter, the Chicago-based aerospace and defense giant reported that net loss attributable to shareholders sharply narrowed to $414 million or $0.69 per share from $1.22 billion or $2.06 per share in the prior-year quarter.

Core loss for the quarter was $1.27 per share, compared to core loss of $2.75 per share in the year-ago quarter.

On average, 18 analysts polled by Thomson Reuters expected the company to report a loss of $1.07 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter grew 28 percent to $17.92 billion from $13.99 billion in the same quarter last year, primarily driven by higher commercial volume. Analysts expected revenues of $17.57 billion for the quarter.

Total company backlog at quarter-end was $411 billion, including over 4,500 commercial airplanes.

Commercial Airplanes revenues surged 60 percent year-over-year to $6.70 billion, driven by higher 737 and 787 deliveries, partially offset by 787 customer considerations.

Boeing said the 737 program still expects to deliver 400-450 airplanes this year, with plan to increase production to 38 per month later this year. The 787 program is producing at three per month with plans to ramp production to five per month in late 2023 and to 10 per month in the 2025/2026 timeframe. During the quarter, Commercial Airplanes delivered 130 airplanes, up 37 percent from last year's 95 airplanes. The backlog included over 4,500 airplanes valued at $334 billion. It also secured net orders of 107.

Defense, Space & Security revenue also increased 19 percent to $6.54 billion from $5.48 billion in the previous year.

Global Services revenue increased 9 percent year-over-year to $4.72 billion, primarily driven by higher commercial services volume and favorable mix.

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