Boeing Co. reported a first-quarter loss as the aircraft maker confronted multiple challenges to key aircraft programs.
The Chicago-based company posted a loss of $1.24 billion, or $2.06 a share. That compares with a year-earlier loss of $561 million, or 92 cents. Boeing reported a core loss of $1.45 billion, or $2.75 a share, compared with a year-earlier core loss of $353 million, or $1.53.
Boeing’s revenue for the quarter fell 8 percent to almost $14 billion.
The quarter “brought new challenges for our world, industry and business,” David Calhoun, Boeing’s president and CEO, said in a statement.
Boeing has been gearing up deliveries of its 737 Max after the aircraft returned to service following two fatal crashes. The 737 Max had been grounded globally from March 2019 to the end of 2020. At the same time, the company is dealing with production problems with its wide-body 787 Dreamliner.
Boeing is working with the Federal Aviation Administration on when 787 deliveries can resume. The company didn’t specify when that will happen. Reuters reported April 20 that Boeing has advised some airlines and suppliers that 787 deliveries will start-up in the year’s second half.
The aircraft maker said it anticipates $2 billion in abnormal costs related to the 787. Most of that will be incurred by the end of 2023, Boeing said.
The company also said it is stopping production of the 777X through 2023. The plane is not yet certified. Boeing said it expects the first delivery of the aircraft in 2025. The company said it expects $1.5 billion in abnormal costs related to the 777X, starting with this year’s second quarter.
Commercial aircraft deliveries for the quarter rose to 95 planes, up from 77 a year earlier. However, revenue for commercial aircraft fell 3 percent to $4.2 billion.
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