Boeing (NYSE:BA) on Wednesday posted its sixth consecutive quarterly loss but said it expects 2021 to be a turning point for its business as more people are vaccinated against COVID-19.
The manufacturer had a net loss of $561 million for the first three months of 2021 on revenue of $15.2 billion, 10% lower than last year but ahead of analysts’ estimates.
On an adjusted per-share basis, Boeing lost $1.53. The company reported a $318 million pretax charge related to issues with an Air Force One supplier.
Boeing has been struggling from the pandemic’s impact on travel and jetliner demand as well as the extended grounding of its best-selling 737 Max aircraft after two fatal crashes killed 346 people. Regulators started lifting the grounding in November 2020.
But demand for new planes has ticked higher this year as a rebound in travel demand encouraged some big customers like United Airlines and Southwest Airlines to return to plans to update their fleets and prepare for growth. In March, Boeing’s new aircraft orders outpaced cancellations for the first time since 2019.
Boeing reiterated its forecast to increase production of the 737 Max to 31 a month in early 2022.
Boeing last week raised the retirement age on CEO Dave Calhoun by five years to 70 and announced its CFO and longtime executive Greg Smith would retire this summer.
The Chicago-based company is also likely to provide an update on the grounding of some 737 Max jetliners due to electrical issues.
Boeing shares are up about 13% so far this year as of Tuesday’s close, compared with an 11.5% gain in the S&P 500. They opened Wednesday trading down $8.59, or 3.6%, to $233.69.
