Boeing on Wednesday posted its sixth consecutive quarterly loss but said it expects 2021 to be a turning point for its business as more people are vaccinated against Covid-19.
The manufacturer had a net loss of $561 million for the first three months of 2021 on revenue of $15.2 billion, 10% lower than last year but ahead of analysts' estimates.
Here are the numbers:
- Loss per share: $1.53. Analysts had expected a per-share loss of $1.16, according to Refinitiv, but it's immediately unclear if the numbers are comparable.
- Revenue: $15.22 billion, vs. $15.02 billion expected by analysts, according to Refinitiv.
Boeing has been struggling from the pandemic's impact on travel and jetliner demand as well as the extended grounding of its best-selling 737 Max aircraft after two fatal crashes killed 346 people. Regulators started lifting the grounding in November 2020.
But demand for new planes has ticked higher this year as a rebound in travel demand encouraged some big customers like United Airlines and Southwest Airlines to return to plans to update their fleets and prepare for growth. In March, Boeing's new aircraft orders outpaced cancellations for the first time since 2019.
Investors will be looking for Boeing's outlook on the pace of aircraft deliveries, which are key because airlines and other customers pay the bulk of a plane's price when manufacturers hand them over. Boeing last month resumed deliveries of its wide-body 787 planes after reporting production problems last year and executives are likely to give more detail on how many of the jets it expects to hand over this year.
The Chicago-based company is also likely to provide an update on the grounding of some 737 Max jetliners due to electrical issues.
Boeing shares are up about 13% so far this year, compared with an 11.5% gain in the S&P 500.
Boeing executives are set to discuss results on a 10:30 a.m. ET call.
This story is developing. Please check back for updates.
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