Aerospace major Boeing Co. (BA) reported on Wednesday a net loss for the first quarter that narrowed from last year, reflecting a 14 percent revenue growth amid higher commercial delivery volumes, improved operational performance, and favorable order timing.
In Wednesday's pre-market trading, BA is trading on the NYSE at $227.65, up $8.49 or 3.87 percent.
"We're building on our momentum with a strong start to the year and growing record-breaking backlog across our business, while supporting our customers with inspiring missions like Artemis II," said Kelly Ortberg, President and CEO.
For the first quarter, the Chicago-based aerospace and defense giant reported that net loss attributable to shareholders narrowed to $90 million or $0.11 per share from $123 million or $0.16 per share in the prior-year quarter.
Core loss for the quarter was $0.20 per share, compared to a core loss of $0.49 per share in the year-ago quarter.
Total revenues for the quarter increased 14 percent to $22.22 billion from $19.50 billion in the same quarter last year, primarily driven by higher commercial volume.
Commercial Airplanes revenues increased 13 percent year-over-year to $9.20 billion, boosted by higher deliveries. It delivered 143 airplanes, up 10 percent from last year's 130 airplanes.
Boeing said The 737 program continues to produce at a 42 per month rate. It expects certification of the 737-7 and 737-10 in 2026 and anticipates first delivery in 2027. The 787 program continued stabilizing production at eight per month. The 787-9 and 787-10 received FAA certification for an increased maximum takeoff weight.
The 777X program continued to make progress on 777-9 certification including FAA approval to begin the Type Inspection Authorization 4a phase of certification flight testing. The company anticipates first delivery in 2027.
The total company backlog at quarter-end included over 6,100 airplanes valued at a record $695 billion with all three segments remaining at record levels.
Defense, Space & Security revenue grew 21 percent to $7.60 billion from $6.30 billion in the previous year. Backlog at Defense, Space & Security grew to a record $86 billion, with 27 percent representing orders from customers outside the U.S.
Global Services revenue increased 6 percent year-over-year to $5.37 billion, primarily driven by higher government volume. Global Services ended the quarter with record backlog of $33 billion.
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