Boeing reports net loss of $1.2 billion in Q1

First deliveries of the 777X are now expected to begin in 2025, resulting in a $1.5 billion loss in earnings.

Boeing posted a $1.2 billion first-quarter loss on Wednesday, owing to a slew of additional one-time charges related to its Russia operations, the Air Force One presidential flight, and the new 777X plane. First deliveries of the 777X are now expected to begin in 2025, resulting in a $1.5 billion loss in earnings.

Costs of $1 billion tied to Air Force One and a second military aircraft, the T-7 Red Hawk, as well as $212 million related to the Ukraine war, dragged down results. The loss is the latest in a string of poor results for the commercial aircraft manufacturer, which has also halted deliveries of its 787 planes due to a series of production problems.

Revenues were $14 billion, down 8% from the previous year and, like profits, fell short of expert expectations. The 777X project began in 2013, but the deadline has been continually pushed back as Boeing tries to resolve certification issues raised by US aviation regulators.

Boeing was supposed to start delivering in late 2023, according to the most recent schedule before Wednesday’s deliveries. In pre-market trade, shares fell 4.2 percent to $160.10 at the New York Stock Exchange (NYSE).

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