Boeing on Wednesday, it recorded its sixth consecutive quarterly loss as the pandemic continues to affect aircraft demand, but said it expects 2021 to be a turning point as more people get vaccinated.
Here are the numbers:
- Loss per share: adjusted $ 1.53. Analysts had expected a loss per share of $ 1.16, according to Refinitiv, but it is not clear whether the figures are comparable.
- Revenue: $ 15.22 billion versus $ 15.02 billion, analysts polled by Refinitiv expected.
The aircraft manufacturer had a net loss of $ 561 million for the first three months of 2021 due to revenue of $ 15.2 billion, 10% lower than last year, but before analysts estimate.
On a adjusted basis per share, Boeing lost $ 1.53, a narrower loss than the adjusted $ 1.70 per share it reported a year ago. The company reported the collection of pre-tax in the amount of 318 million dollars has problems with a supplier in his modified 747 aircraft used as Air Force One.
Boeing shares fell more than 1% in presale after reporting results.
Boeing is battling the impact of the pandemic on travel and aircraft sales, as well as the prolonged grounding of its best-selling 737 Max aircraft, after two fatal crashes killed 346 people. Regulators have begun raising the ground in November 2020.
Revenue from its commercial aircraft unit fell 31% from a year earlier to $ 4.27 billion, although shipments of new aircraft rose to 77 from 50. Boeing also recorded new sales from customers such as United i Southwest Airlines to get back to the plans update your fleet and prepare for growth. A new Boeing plane is in March orders cancel faster for the first time since 2019.
Boeing has reiterated its forecast to increase production of the 737 Max to 31 per month in early 2022 and estimates that it will deliver its first 777X wide-body aircraft in late 2023.
Last month, Boeing resumed deliveries of its wide 787 planes after reporting production problems last year, but sales are slow as international long-distance travel continues to fall sharply in the pandemic.
In the presentation, the company listed the speed of vaccination and the rate of infections, US-Chinese relations and the remaining 737 maximum approvals, such as in China, among the risks for the demand for aircraft.
“Although the global pandemic continues to challenge the overall market environment, we see 2021 as a key turning point for our industry as the vaccine distribution accelerates, and we work together between government and industry to help with a strong recovery,” said CEO Dave Calhoun. in the release of earnings.
Boeing last week raised Calhoun’s retirement age for five to 70 years and announced that its CFO and longtime CEO Greg Smith, who is seen as the successor, will retire this summer.
Boeing shares have risen about 13% since Tuesday’s close this year, compared to an 11.5% gain in S&P 500.
Boeing CEOs should discuss the results of the call at 10:30 a.m.
Investors will look for Boeing’s perspective on the speed of aircraft delivery, which is crucial because airlines and other customers pay the bulk of the price of an aircraft when manufacturers hand them over.
The Chicago-based company is also likely to provide news of the grounding of some 737 Max aircraft due to electrical issues.