Boeing reports revenue of US$17.9 billion for first quarter reflecting 130 commercial deliveries

Boeing has recorded first-quarter revenue of US$17.9 billion, GAAP loss per share of (US$0.69) and core loss per share (non-GAAP) of (US$1.27). The company reported operating cash flow of (US$0.3) billion and free cash flow of (US$0.8) billion (non-GAAP). Results improved on commercial volume and performance. The company reported a net loss of US$425 million compared to a net loss of US$1,242 million in the first quarter of 2022.

Operating cash flow was (US$0.3) billion in the quarter reflecting higher commercial deliveries and favourable receipt timing.

Cash and investments in marketable securities totalled US$14.8 billion, compared to US$17.2 billion at the beginning of the quarter. Debt was US$55.4 billion, down from US$57.0 billion at the beginning of the quarter due to the pay down of debt maturities. The company has access to credit facilities of US$12.0 billion, which remain undrawn.

Total company backlog at quarter-end was US$411 billion.

Commercial Airplanes first-quarter revenue increased to US$6.7 billion driven by higher 737 and 787 deliveries, partially offset by 787 customer considerations. Operating margin of (9.2) percent also reflects abnormal costs and period expenses, including research and development.

On the 737 programme, earlier this month the programme