Summary
Boeing reported a net loss of $343 million for the first quarter of 2024, a slight improvement from the $414 million net loss in the same period last year. Total revenues declined to $16.6 billion from $17.9 billion year-over-year, primarily due to lower deliveries in the Commercial Airplanes segment. The company's financial performance in the quarter was significantly impacted by the Alaska Airlines Flight 1282 accident involving a 737-9 aircraft. This event led to production slowdowns, enhanced inspections, and substantial customer considerations, impacting Commercial Airplanes' revenue and widening its operating loss. Despite these challenges, the Defense, Space & Security segment showed improved profitability, and Global Services saw revenue growth. Significant inventory build-up related to production issues also weighed on operating cash flow. Looking ahead, Boeing faces continued scrutiny on quality control and production rates, particularly for the 737 MAX program. The company's ability to ramp up production, manage supply chain issues, and navigate regulatory approvals for new variants will be critical for future financial performance and cash generation. The company also noted ongoing discussions regarding a potential acquisition of Spirit AeroSystems.
Financial Highlights
50 data points| Revenue | $16.57B |
| Cost of Revenue | $14.69B |
| Gross Profit | $1.88B |
| R&D Expenses | $868.00M |
| Operating Income | -$86.00M |
| Net Income | -$343.00M |
| EPS (Basic) | $-0.56 |
| EPS (Diluted) | $-0.56 |
| Shares Outstanding (Basic) | 612.90M |
| Shares Outstanding (Diluted) | 612.90M |
Key Highlights
- 1Net loss attributable to Boeing Shareholders was $343 million, an improvement from $414 million in Q1 2023.
- 2Total revenues decreased to $16.6 billion from $17.9 billion year-over-year, largely due to a significant drop in Commercial Airplanes revenue.
- 3Commercial Airplanes segment experienced a wider operating loss of $1.14 billion, impacted by lower 737 deliveries and customer considerations related to the 737-9 grounding.
- 4Defense, Space & Security segment reported an operating profit of $151 million, a notable improvement from a loss of $212 million in Q1 2023.
- 5Net cash used by operating activities significantly increased to $3.4 billion from $0.3 billion in the prior year, primarily driven by changes in inventories.
- 6Inventories increased substantially to $83.5 billion from $79.7 billion, reflecting production slowdowns and delivery impacts.
- 7The company incurred a $443 million earnings charge related to customer considerations for the Alaska Airlines 737-9 accident and grounding.