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Boeing Q1 Loss Sharply Widens

Aerospace giant Boeing Co. (BA) on Wednesday reported first-quarter net loss attributable to Boeing shareholders of $1.24 billion or $2.06 per share, sharply wider than $561 million or $0.92 per share in the year-ago quarter.

Excluding special items, core loss for the quarter was $2.75 per share, compared to core loss of $1.53 per share in the prior-year quarter.

Total revenues for the quarter declined 8 percent to $13.99 billion from $15.22 billion in the same quarter last year, reflecting lower defense volume and charges on fixed-price defense development programs, partially offset by commercial services volume.

On average, analysts polled by Thomson Reuters expected the company to report a loss of $0.12 per share on revenues of $15.83 billion for the quarter. Analysts' estimates typically exclude special items.

Commercial Airplanes revenue decreased 3 percent to $4.16 billion, primarily due to timing of wide-body deliveries, partially offset by higher 737 deliveries. Defense, Space & Security revenue decreased 24 percent to $5.48 billion, while Global Services revenue increased 15 percent to $4.31 billion from last year.

During the quarter, Commercial Airplanes delivered 95 airplanes, up 23 percent from 77 airplanes in the year-ago period. Total company backlog at quarter-end was $371 billion. Commercial Airplanes backlog included over 4,200 airplanes valued at $291 billion.

Boeing said it has nearly completed the global safe return to service of the 737 MAX and the fleet has flown more than one million total flight hours since late 2020. The 737 production rate continues to increase and is expected to increase to 31 airplanes per month during the second quarter.

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