Boeing Co. reported a first quarter loss wider than expected. This is the aircraft maker’s sixth quarterly loss in a row, as the coronavirus pandemic continues to weigh on global aircraft demand.
Boeing’s adjusted core loss for the three months ending in March came in at -$1.53 per share, steeper than analysts’ expectations of -$1.16. It had a profit of $1.70 per share in the year-ago quarter.
Revenue fell -10.6% year-over-year to $15.22 billion, but was higher than the $15.02 billion expected by analysts surveyed by Refinitiv.
Boeing has been facing challenges related to the pandemic’s impact on travel and the extended grounding of its 737 Max aircraft (following two fatal crashes killed 346 people). Regulators began lifting the grounding in November 2020.
The company reaffirmed its projection to increase production of the 737 Max to 31 a month in early 2022 and its estimate to deliver its first 777X wide-body jet in late 2023.