Boeing’s quarterly revenue was $16.57 billion, down from $17.92 billion a year earlier but beating expectations of $16.23 billion
on Wednesday reported its first quarterly revenue drop in seven quarters, but the U.S. planemaker beat Wall Street expectations that were lowered after a January mid-air blowout of a cabin door prompted it to slow production of its strongest-selling jets.
Boeing’s shares, which have sunk 35% year to date, were up 1% in early trading after its loss per share was narrower than expected. Spirit Aero’s shares rose 1%. “Lower deliveries can be difficult for our customers and for our financials. But safety and quality must and will come above all else,” he added.
Analysts have warned the slow pace of deliveries could delay Boeing’s financial and production goals. Boeing’s CFO said last month the company needs more time to hit a goal outlined in 2022 for an annual cash flow of about $10 billion by 2025 or 2026.
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