Summary
Boeing's first quarter 2022 results reflect continued challenges and ongoing recovery efforts. The company reported a net loss of $1.219 billion, or $2.06 per share, a significant increase from the prior year's loss of $561 million. Total revenues declined to $13.991 billion from $15.217 billion in Q1 2021, primarily due to lower revenues in Commercial Airplanes and Defense, Space & Security segments. Despite these headwinds, there were signs of recovery in the Global Services segment with increased commercial services volume. Cash flow from operations remained negative, with $3.2 billion used, impacted by ongoing production issues, particularly with the 787 and the residual effects of the 737 MAX grounding. The company's liquidity remains a focus, with $7.4 billion in cash and $14.7 billion in unused borrowing capacity. Significant production issues, supply chain disruptions, and the war in Ukraine are contributing factors to the financial performance and outlook, with ongoing efforts to navigate these complexities and improve operational resilience.
Financial Highlights
51 data points| Revenue | $13.99B |
| Cost of Revenue | $13.64B |
| Gross Profit | $353.00M |
| R&D Expenses | $633.00M |
| Operating Income | -$1.16B |
| Net Income | -$1.22B |
| EPS (Basic) | $-2.06 |
| EPS (Diluted) | $-2.06 |
| Shares Outstanding (Basic) | 591.40M |
| Shares Outstanding (Diluted) | 591.40M |
Key Highlights
- 1Net loss attributable to Boeing Shareholders was $1.219 billion ($2.06 per share) for Q1 2022, compared to a net loss of $561 million ($0.92 per share) in Q1 2021.
- 2Total revenues decreased by $1.226 billion to $13.991 billion in Q1 2022, primarily driven by lower performance in Commercial Airplanes and Defense, Space & Security segments.
- 3Commercial Airplanes segment revenue decreased $108 million, attributed to lower wide-body deliveries, partially offset by higher 737 MAX deliveries. The segment reported an operating loss of $859 million.
- 4Defense, Space & Security segment revenue decreased $1.702 billion due to unfavorable cumulative contract adjustments and lower volume on key programs like KC-46A and P-8. This segment reported a significant operating loss of $929 million.
- 5Global Services segment revenue increased $565 million, driven by higher commercial services volume, and reported an operating earnings of $632 million.
- 6Net cash used by operating activities was $3.216 billion for Q1 2022, a slight improvement from $3.387 billion in Q1 2021, but still reflecting ongoing operational challenges.
- 7Inventories increased to $79.819 billion, with significant amounts related to 737 MAX and 787 aircraft, highlighting ongoing production and delivery issues.
- 8The company incurred $2.419 billion in 737 MAX customer concessions and other considerations liabilities, with $0.6 billion expected to be paid in cash in 2022.