Boeing posts 1Q loss, takes a hit on Air Force One work
Source: Associated Press, via the Washington Post
Business
Boeing posts 1Q loss, takes a hit on Air Force One work
By David Koenig?|?AP
April 28, 2021 at 10:26 a.m. EDT
Boeing Co. reported a wider than expected first-quarter loss on Wednesday and took another charge on its program to build two new Air Force One presidential planes after firing a contractor it hired to help perform the work.
The company did not provide a timetable for fixing the latest problem with its 737 Max jet, an electrical issue that has forced airlines to park more than 100 of the planes.
The combination of self-inflicted damage and a coronavirus pandemic that has depressed demand for new planes pushed Boeing to its sixth straight quarterly loss. However, CEO David Calhoun said the company is at an “inflection point,” with an increase in vaccinations against COVID-19 raising hopes for a rapid recovery in air travel that could translate to aircraft orders.
Boeing lost $561 million — $537 million attributable to shareholders. Revenue was roughly in line with Wall Street forecasts as the company generated cash by delivering more new airliners than it did a year ago.
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The shares fell 3% in morning trading Wednesday.
Read more: https://www.washingtonpost.com/business/boeing-posts-537-million-loss-in-q1-less-than-a-year-ago/2021/04/28/ea574526-a81c-11eb-a8a7-5f45ddcdf364_story.html
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