Boeing posted its sixth straight quarterly loss on Wednesday but expects 2021 to be a turning point for its business as more people get vaccinated against Covid-19.
Here are the numbers:
- Loss per share: $ 1.53. Analysts had expected a loss per share of $ 1.16, according to Refinitiv, but it is immediately unclear whether the numbers are comparable.
- Revenue: $ 15.22 billion versus $ 15.02 billion analyst expects, according to Refinitiv.
The manufacturer had a net loss of $ 561 million on revenue of $ 15.2 billion in the first three months of 2021, 10% less than last year, but ahead of analysts’ estimates.
On an adjusted basis per share, Boeing lost $ 1.53. The company reported a $ 318 million input tax fee related to issues with an Air Force One supplier.
Boeing shares fell 0.9% in premarket trading after reporting results.
Boeing struggled with the pandemic’s impact on travel and jetliner demand, as well as the extended landing of its best-selling 737 Max aircraft after 346 people were killed in two fatal accidents. Regulators started removing grounding in November 2020.
However, demand for new aircraft has increased this year as some large customers such as United Airlines and Southwest Airlines returned to plans to upgrade their fleets and prepare for growth due to the increased demand for travel. In March, Boeing’s new aircraft orders exceeded cancellations for the first time since 2019.
Boeing reiterated its forecast of increasing production of the 737 Max to 31 per month in early 2022.
“As the global pandemic continues to challenge the broader market environment, we see 2021 as a major turning point for our industry as vaccine distribution accelerates and we are working together across governments and industries to enable a robust recovery,” said CEO Dave Calhoun in a publication of results.
Boeing raised Calhoun’s retirement age by five years to 70 last week and announced that its CFO and longtime managing director Greg Smith will retire this summer.
The Chicago-based company is also likely to provide an update on grounding some 737 Max jetliners due to electrical issues.
Boeing stock was up around 13% that year at close of trading on Tuesday, compared with the S&P 500, up 11.5%.
Boeing executives will call to discuss the findings at 10:30 a.m. ET.
Investors will look to Boeing’s outlook for the pace of aircraft delivery, which is vital as airlines and other customers pay most of the aircraft price when manufacturers hand them over. Boeing resumed shipments of its 787 wide-body aircraft last month after reporting production issues last year. Executives will likely be more detailed about how many of the jets are expected to be delivered this year.
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