Boeing posts first-quarter loss but confirms full-year guidance
Boeing posted a larger-than-expected net loss in the first quarter of 2023, but confirmed its full-year guidance, the manufacturer said in a statement Wednesday.
The net loss came to $425 million, $1.27 per share excluding exceptional items, a crucial indicator for analysts, who had expected, on average, only $1.07.
This is the sixth consecutive quarter in the red for Boeing, which nevertheless significantly reduced its losses compared to the previous quarter (-35%) and to one year (-66%).
At the same time, it increased its turnover by 28% year-on-year, to $17.9 billion, and exceeded the $17.5 billion expected by the market.
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Activity was driven by higher dynamics in commercial aircraft deliveries, with 130 aircraft delivered from January to March versus 95 for the same period in 2022.
Boeing expects to deliver between 400 and 450 737s throughout the year, and to increase its 787 production from three to five per month by the end of 2023.
Although the manufacturer is confident it can meet its targets, 737 deliveries will slow in the second quarter after it was discovered that about 75% of the 225 MAXs in the company’s inventory were improperly fitted with two fuselage mounts made by Spirit AeroSystems.
In the second half of the year, production of about 40 aircraft per month will be restored, the manufacturer said.
“We had a solid first quarter and are focused on stability for our customers. We are overcoming recent supply chain disruptions, but remain confident in the goals we have set for this year, as well as longer term. Demand is strong in all of our key markets and we are increasing investments to advance our development programs and innovate strategic capabilities for our customers and for our future,” said Dave Calhoun, Boeing President and CEO.
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