“Boeing” records losses less than expected during Q1

Boeing announced that it recorded lower-than-expected losses in the first quarter of 2024, and said that it is working to stabilize its supply chains at a time when it is suffering from the 737 MAX crisis that struck the company at the beginning of the year.

According to CNBC, CEO Dave Calhoun said in a memo to employees: “In the near term, yes, we are in a difficult period.” “A decline in deliveries could be difficult for our customers and our financials,” he added. But safety and quality must and will come before all else. “We are fully committed to doing everything we can to ensure that regulators, customers, employees and the aviation public have 100% confidence in Boeing.”

Boeing lost $355 million in the first quarter, or 56 cents per share, down from $425 million, or 69 cents per share, a year earlier, and revenue fell 8% to $16.57 million, slightly above analysts’ estimates. Excluding one-time items, the company reported a loss per share of adjusted $1.13, versus an expected adjusted loss of $1.76.

The company’s revenues were better than expectations, reaching $16.57 billion, compared to expectations of $16.23 billion.

Boeing faced difficulties in increasing production, especially of its best-selling 737 MAX aircraft, after the door plug of the Alaska Airlines Max 9 exploded on January 5, and the Federal Aviation Administration prevented Boeing from increasing production.

The FAA also said it found numerous noncompliance issues along Boeing’s supply chain.