The loss was bigger than Wall Street had forecast, and the company's quarterly revenue also fell short of expectations.
FILE - Traffic drives in view of a massive Boeing Co. production plant, where images of jets decorate the hangar doors, Friday, April 23, 2021, in Everett, Wash. Boeing says global geopolitical concerns are a big reason why it is dropping more than 100 planes from its backlog of pending orders. The company said Tuesday, April 12, 2022, that it cut its backlog by 141 planes, and about two-thirds of those are for what it termed geopolitical considerations including sanctions.
Boeing offered some optimism for improvement, however, saying that it has submitted plans to resume deliveries of its 787 airliner and it increased production and deliveries of the 737 Max passenger jet during the quarter. The delay in expected approval for the 777-9 caused Boeing to forecast $1.5 billion in “abnormal” production costs for the plane, which is designed to carry more than 400 passengers on long-haul flights. Boeing will halt production at least through the end of next year to avoid building planes that might need to be reworked later.
Airlines are expecting a boom summer, with travelers returning in huge numbers after two years of pandemic. But some of them, like American, have trimmed summer schedules because they haven't received the Boeing 787s that they ordered years ago. And Boeing took $212 million in pretax charges related to Russia’s invasion of Ukraine. Sanctions imposed by the United States and allies have barred Boeing from selling planes or performing services for Russian airlines.“We are a long-cycle business, and the success of our efforts will be measured over years and decades, not quarters,” he said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Google parent Alphabet’s Q1 profits dropped by more than $1 billion compared to 2021Analysts want to see if YouTube Shorts can beat TikTok.
Read more »
Boeing posts $1.2 billion loss in Q1, worse than expectedBoeing is reporting a money-losing quarter as both its civilian-airplane division and the defense business are struggling
Read more »
Reddit is spending $1 million to fund its users’ best ideas and competitionsFrom a BTS billboard contest to Random Acts of Amazon.
Read more »
Thief steals $1 million of Bored Ape Yacht Club NFTs with Instagram hackJust one of the stolen Apes was worth over $350,000.
Read more »
$1.25M worth of fentanyl, meth, heroin recovered by authorities in Phoenix, DEA saysAuthorities arrested a man in Phoenix who they say is a drug trafficker and had more than a million dollars worth of fentanyl, meth and heroin.
Read more »