Boeing Co. today reported a first-quarter loss while indicating results mostly improved from the same period in 2020. The Chicago-based aircraft maker also said this year may be the start of a comeback for aerospace.
“We view 2021 as a key as a key inflection point for our industry,” CEO David Calhoun said in a statement.
Boeing posted a loss of $561 million, or 92 cents a share, on revenue of $15.2 billion. That compares with year-earlier results of a loss of $641 million, or $1.11 a share, on revenue of $16.9 billion.
The company said its “core” operating loss was $353 million, or $1.53 a share. That was smaller than the year-earlier “core” operating loss of $1.7 billion, or $1.70.
Aerospace has hit by the COVID-19 pandemic, which cut demand for air travel. Airlines canceled orders for planes. Conditions may improve as COVID-19 vaccines are distributed and the U.S. government has moved to stimulate the economy.
Boeing had other problems. The 737 Max was grounded until late last year. The aircraft is one of Boeing’s most important planes.
U.S. regulators approved the 737 Max’s return to service after making software fixes following two fatal crashes. Boeing is seeking similar approvals in other regions. The aircraft maker said it is working with the U.S. Federal Aviation Administration and customers to address electrical issues with some 737 Max aircraft.
Boeing also resumed output of its 787 wide-body plane in March after production problems.
The company’s commercial aircraft deliveries for the quarter rose to 77 from 50 a year earlier.
Calhoun, in a separate message to employees, said Boeing is “creating fundamental, enduring change at our company that will strengthen our culture, improve our performance, and ensure we’re more resilient, productive and competitive for the long term.”