Summary
Boeing reported a net loss of $414 million, or $0.69 per share, for the first quarter of 2023. This represents an improvement from the $1.219 billion net loss in the same period last year, driven by higher revenues across all segments and reduced charges on development programs. Total revenues increased significantly to $17.921 billion from $13.991 billion year-over-year, with Commercial Airplanes (BCA) showing the largest jump due to increased 737 and 787 deliveries. Despite the revenue growth and reduced overall losses, the company continues to face significant challenges, including ongoing supply chain disruptions and labor instability, which impact production rates and inventory levels, particularly for the 737 and 787 programs. Several large development programs, such as the KC-46A Tanker and the T-7A Red Hawk, continue to incur substantial losses, though the overall impact of these losses has decreased compared to the prior year.
Financial Highlights
51 data points| Revenue | $17.92B |
| Cost of Revenue | $16.00B |
| Gross Profit | $1.92B |
| R&D Expenses | $741.00M |
| Operating Income | -$149.00M |
| Net Income | -$414.00M |
| EPS (Basic) | $-0.69 |
| EPS (Diluted) | $-0.69 |
| Shares Outstanding (Basic) | 602.20M |
| Shares Outstanding (Diluted) | 602.20M |
Key Highlights
- 1Total revenues surged by 28% to $17.9 billion, primarily driven by increased deliveries in the Commercial Airplanes segment.
- 2Net loss attributable to shareholders narrowed significantly to $414 million ($0.69/share) from $1.219 billion ($2.06/share) in the prior year's quarter.
- 3Defense, Space & Security (BDS) segment saw a significant decrease in its operating loss due to reduced charges on development programs, despite ongoing program challenges.
- 4Global Services (BGS) segment demonstrated strong performance with an increase in earnings from operations, benefiting from market recovery in commercial services.
- 5Inventories remain substantial at $78.5 billion, with significant portions tied to the 737 and 787 programs, though there's a slight decrease from year-end 2022.
- 6The company reported a healthy backlog of $411.4 billion, indicating substantial future revenue potential, but notes uncertainty in the timing of revenue conversion due to delivery schedules and program entry into service.
- 7Cash used by operating activities improved significantly to $318 million from $3.2 billion in the prior year, reflecting improved net loss and working capital management.