Boeing reported a wider than expected loss during the first quarter as the aerospace giant continued their slow recovery from the double explosion of COVID - 19 and idling of its flagship 737 MAX plane grounded for nearly one year.
Here are key metrics in the report, according to a consensus forecast by Bloomberg compiled by Wall Street.
Boeing's operating losses narrowed during the quarter, a partial reflection of rising 737 deliveries that helped it stage a comeback from the Pandemic's lows. This was partly reversed to by lower 787 deliveries and fewer advance payments, the company says.
Boeing meanwhile delivered 77 commercial airplanes during the quarter, a 54% jump from the comparable year-on quarter.
While the Global pandemic continues to challenge the global market environment, we view 2021 as a key inflection point for our industry as vaccine distribution accelerates and we work together across governments and industry to help enable a robust recovery, David Calhoun said in a statement.
Since Boeing deliveries and orders cleared the 737 MAX to resume flying, regulators have finally taken flight after being decimated by the pandemic, and the deadly press that followed two bad crashes. Boeing won 29 planes in a milestone on its way to recovery from a grim 2020 and has delivered 40 net orders — its best performance since the pandemic hit.
Boeing is still facing the problem of the 737 crisis, with many airplanes still languishing in storage. Analysts see that as a drag on the company's bottom line, particularly as the recovery in global travel demand begins to take shape.
The company recently stated that its customers are spending on aircraft purchases as the CHIEF 19 mass vaccination campaign sparks a boom in air travel.
Boeing saw a decline in 3rd quarter revenues to $4.3 billion amid shorter 787 deliveries, but saw a gain in 737 transfers. The company has also pledged progress on the troublesome return to service of the troubled 737 MAX and delivered more than 85 of them to customers since the FAA approved its return to the skies.
According to Boeing, 21 airlines have returned to service, logging more than 26,000 flights and almost 60,000 flight hours as of April 26.
Boeing's stock, traded on the New York Stock Exchange, fell by about 1% in pre-market action Wednesday.
JavierJavier David is an editor at Yahoo FinanceYahoo Finance.com. How do you follow Javier on twitter: TeflonGeek
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