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’s fuselage supplier notified Boeing that a non-standard manufacturing process was used on two fittings in the aft fuselage section of certain 737 airplanes. This is not an immediate safety of flight issue and the in-service fleet can continue operating safely. While near-term deliveries and production will be impacted as the programme performs necessary inspections and rework, the programme still expects to deliver 400-450 airplanes this year. On production, the supplier master schedule remains unchanged including anticipated production rate increases, which will result in higher inventory levels. The company expects final assembly production to recover in the coming months with plans to increase to 38 per-month later this year and 50 per-month in the 2025/2026 timeframe.
The 787 programme is producing at three-per-month with plans to ramp production to five-per-month in late 2023 and to ten-per-month in the 2025/2026 timeframe.
During the quarter, Commercial Airplanes secured net orders of 107. Also during the quarter the company secured commitments from Air India for 190 737 MAX, 20 787, and 10 777X airplanes and from Riyadh Air and Saudi Arabian Airlines for up to 121 787 airplanes. Commercial Airplanes delivered 130 airplanes during the quarter and backlog included over 4,500 airplanes valued at US$334 billion. (£1.00 = US$1.25 at time of publication).