CORPORATE REPORT- Boeing posts Q1 loss; Google ad sales surge 32%

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Boeing's first-quarter loss was $1.53 per share. Analysts expected a loss of 97 cents per share, according to a FactSet survey.


Boeing Co. (BA) reported a wider than expected first-quarter loss on Wednesday and took another charge on its program to build two new Air Force One presidential planes after firing a contractor it hired to help perform the work. The company did not provide a timetable for fixing the latest problem with its 737 Max jet, an electrical issue that has forced airlines to park about 100 of the planes. The combination of self-inflicted damage and a coronavirus pandemic that has depressed demand for new planes pushed Boeing to its sixth straight quarterly loss. Boeing lost $561 million — $537 million attributable to shareholders. Revenue was roughly in line with Wall Street forecasts as the company generated cash by delivering more new airliners than it did a year ago. Excluding one-time items, Boeing’s loss was $1.53 per share. Analysts expected a loss of 97 cents per share, according to a FactSet survey. The loss was smaller than the $628 million loss Boeing reported a year earlier. In the first quarter of pre-pandemic 2019, the company earned $2.15 billion on revenue of $22.92 billion.

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