Boeing has posted a $1.2 billion loss in first-quarter of 2022, compared with a loss of $537 million a year earlier.
The company postponed the expected first delivery of the 777-9, a new variant of Boeing’s long-range, twin-aisle passenger jet, until 2025 due to new delays getting the plane certified. The delay caused the company to forecast $1.5 billion in “abnormal” production costs.
Boeing took another $660 million charge for its program to build new presidential Air Force One jets, blaming it on higher supplier costs, final technical requirements, and schedule delays. It also took $367 million in charges on a military training jet.
Revenues came in at $14 billion, down 8% from Q1 in 2021, when the company posted $15.2 billion in revenue. The drop came despite an increase in Q1 deliveries for Boeing Commercial Airplanes.
The company posted a $3.6 billion loss in free cash flow and a $2.06 GAAP loss per share and a $2.75 core (non-GAAP) loss per share.
Further, the company spent another $633 million on research and development during the first quarter, a $134 million increase from the same period in 2021.
Boeing said it has already submitted plans to the Federal Aviation Administration (FAA) to resume deliveries of the 787 passenger jet. The deliveries have been halted for more than a year by production issues which Boeing previously said would add about $2 billion in costs, of which $312 million was recorded in the first quarter.
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