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Boeing Reports First Quarter 2024 Net Loss of $355 Million or $0.56 per Share

Boeing has reported a first quarter 2024 net loss of $355 million or (0.56) per share on a year-over-year decline in revenue of (8.0) percent to $16.6 billion.  At March 31, 2024, the company has cash and marketable securities of $7.5 billion.


Boeing Reports First Quarter 2024 Financial Results - Courtesy Boeing

On Wednesday (April 24, 2024), Boeing reported their first quarter financial results for the period ending March 31, 2024.  The company reported a first quarter net loss of $355 billion or ($0.56) per share on a year-over-year decline in revenue of (8.0) percent to $16.6 billion.  At the end of the quarter, Boeing had cash and marketable securities totaling $7.5 billion and access to $10.0 billion in undrawn credit facilities.  At March 31, 2024, Boeing’s order backlog was valued at $529 billion.


In Wednesday’s announcement, Boeing’s President and CEO, Stan Deal, said,    


“Our first quarter results reflect the immediate actions we've taken to slow down 737 production to drive improvements in quality.  We will take the time necessary to strengthen our quality and safety management systems and this work will position us for a stronger and more stable future.”



Boeing's First Quarter 2024 Financial Results - Courtesy Boeing

Boeing Commercial Airplanes’ first quarter revenue declined (31) percent compared to Q1 2023 to $4.7 billion, reflecting lower 737 deliveries, as well as 737-9 MAX customer considerations.  During the first quarter, 737 production was slowed to under 38 per month in order to implement improvements in the quality management system and reduce traveled work within the factory and supply chain.  Additionally, Commercial Airplanes is implementing a comprehensive action plan to address the feedback from the FAA’s 737 production audit.


For Q1 2024, Boeing Commercial Airplanes booked 125 net orders, including 85 737-10 MAX airplanes for American Airlines, and 28 777X jets for customers including Ethiopian Airlines.  Boeing delivered 83 commercial airplanes in the first quarter, and ended the period with a backlog of over 5,600 airplanes valued at $448 billion.


Boeing (NYSE: BA) is a leading supplier of commercial airplanes, defense, space and security systems, as well as global services.  The aerospace giant tops the list of the largest U.S. exporters, providing a significant positive impact to America’s annual GDP.  Boeing supports government and commercial customers in over 150 countries and employs more than 160,000 team members worldwide.  As Boeing continues to deliver for customers, they are committed to their legacy of aerospace leadership in technology and innovation and living the company’s core values of safety, quality, and integrity.


 

Source: Boeing

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