An aerial view of Boeing 777X and Boeing 737 MAX 10 airplanes parked at King County International Airport-Boeing Field, in Seattle, Washington, June 1, 2022.
Lindsey Wasson | Reuters
Boeing on Wednesday reported revenue and an adjusted loss that fell short of analysts’ estimates but the aircraft manufacturer stuck with its forecast to return to free cash flow in 2022.
Here’s how the company performed compared with analysts’ estimates complied by Refinitiv:
- Adjusted loss per share: 37 cents vs an expected loss 14 cents.
- Revenue: $16.68 billion vs. $17.57 billion expected.
CEO Dave Calhoun earlier this month said that the company is producing an average of 31 737 Max jetliners each month. He said the company won’t raise production too quickly because of supply chain and labor constraints. Rival Airbus has expressed similar concerns.
“Even with demand high, we won’t chase production rates or push our system too fast,” Calhoun said in a staff note on Wednesday. “With safety and quality at the forefront, we will prioritize stability and predictability.”
He also reiterated that Boeing is “in the final stages” of preparations to resume deliveries of its 787 Dreamliners, which have been paused for more than a year after manufacturing flaws were detected.
Boeing executives will discuss results with analysts at 10:30 a.m. Wednesday, when they are likely to face questions about the 737 Max’s return to flying in key aircraft customer China, timing on the 777X and its cash flow forecast for this and next year.
Analysts are also likely to ask Boeing’s leaders to outline when they expect to win U.S. certification of the 737 Max 10, the largest in the Max family.
Boeing shares are down more than 22% so far this year. Shares were up more than 3% in premarket trading after releasing results.
This is breaking news. Check back for updates.