Boeing (NYSE: BA) reported earnings before the bell Wednesday, with its stock falling over 3.7% in the aftermath.
With the travel industry still navigating macro headwinds, it has been a slow recovery, but the aerospace company said its 737 production and deliveries continue to increase. Commercial airplane deliveries of 95 rose 23% compared to 77 in Q1 2021.
However, it missed earnings and revenue expectations, reporting a core loss per share of $2.75 on revenue of $13.99 billion. Analysts forecasted revenue of $15.94 billion for the quarter.
Commercial airplane's first-quarter revenue was $4.2 billion, which decreased slightly due to the timing of wide-body deliveries but was partially offset by higher 737 deliveries. The total backlog is $371 billion, which includes nearly 4,200 commercial airplanes.
“We increased 737 MAX production and deliveries and made important progress on the 787 by submitting our certification plan to the FAA,” said Dave Calhoun, Boeing's president, and chief executive officer.
“Despite the pressures on our defense and commercial development programs, we remain on track to generate positive cash flow for 2022, and we're focused on our performance as we work through certification requirements and mature several key programs to production.”
The company continues to see passenger traffic returning to 2019 levels in 2023-2024.
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