Aircraft manufacturer Boeing reported significantly lower revenue and a higher loss per share in the first quarter compared to what analysts expected. The stock fell nearly 4 percent in pre-market trading after the report was released.
Revenue fell 8.0 percent to $14.0 billion (15.2). The outcome compares with the Factset analyst consensus of 16.0.
Adjusted earnings per share were -2.75 dollars (-1.53), expected to be -0.25.
The company announces in the report that it is pausing production of the 777x and does not expect to start deliveries until 2025.
It is also stated that production of previously grounded 737 Max will increase to 31 units per month during the second quarter.
Boeing delivered 95 aircraft in the first quarter, an increase from 77 in the same period last year.
Source: finwire
