Boeing reports significant financial losses
Boeing lost $425 million in the first quarter of the year, more than Wall Street investors had expected, due to production problems in the production of passenger aircraft and wear and tear on a military transport aircraft.
However, revenue was up 28% year-over-year as airlines bought new aircraft to meet rising travel demand. The company’s CEO, David Calhoun, described the situation as a “stable first quarter.”
“We are making progress despite the recent supply chain disruptions, but we remain confident in the targets we have set for this year, as well as the targets we have set for the longer term. Demand is strong in our key markets,” he said in a statement.
The company said it posted losses from its core business of $1.27 per share. According to a survey conducted by Facttest Research Systems, analysts had expected the company to lose $1.07 per share.
Revenue jumped to $19.92 billion, beating analysts’ expectations of $17.52 billion.
Boeing shares jumped more than 4% ahead of Wednesday’s open session.
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