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Boeing Q1 Results Miss Estimates - Quick Facts

Boeing Co. (BA) on Wednesday reported first-quarter net loss attributable to Boeing shareholders of $628 million or $1.11 per share, compared to a profit of $2.15 billion or $3.75 per share in the year-ago quarter, primarily reflecting the impacts of COVID-19 and the 737 MAX grounding.

Excluding special items, core loss for the quarter was $1.70 per share, compared to core earnings of $3.16 per share in the prior-year quarter.

Total revenues for the quarter declined 26 percent to $16.91 billion from $22.92 billion in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report a loss of $1.61 per share on revenues of $17.31 billion for the quarter. Analysts' estimates typically exclude special items.

Total company backlog at quarter-end was $439 billion. Commercial Airplanes backlog included over 5,500 airplanes valued at $352 billion.

During the quarter, Commercial Airplanes delivered 50 airplanes, down 66 percent from 149 airplanes in the year-ago period. Commercial Airplanes backlog included over 5,500 airplanes valued at $352 billion.

Looking ahead, the aircraft maker sees significant impact on the demand for new commercial airplanes and services, with airlines delaying purchases for new jets, slowing delivery schedules and deferring elective maintenance as the COVID-19 pandemic continues to reduce airline passenger traffic.

To align the business for the new market reality, Boeing is taking several actions that include reducing commercial airplane production rates.

To reflect COVID-19 impacts on the demand environment, 737 MAX aircraft production will resume at low rates in 2020 as timing and conditions of return to service are better understood and gradually increase to 31 per month during 2021, with further gradual increases to correspond with market demand.

The company also announced a leadership and organizational restructuring to streamline roles and responsibilities, and plans to reduce overall staffing levels with a voluntary layoff program and additional workforce actions as necessary.

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