Boeing reported a slightly smaller loss in the first quarter compared to the same time a year ago, but said fixing the problems that got attention after the Alaska Air incident will push back its financial recovery and cost it $443 million in compensation to its airline customers.

Boeing reported a core operating loss of $388 million, or $1.13 a share, from the $440 million it lost on that basis a year earlier. That was significantly less than analysts’ forecast of $1.63 a share in the quarter. But the improvement came from outside its key commercial airplanes unit, where losses from operations nearly doubled to $1.1 billion.

Revenue tumbled $1.4 billion, or 8% to $16.6 billion, as the problems at the airplane maker resulted in a sharp drop in deliveries of jets to its airline customers. The company gets most of its money from sales of commercial planes only upon deliveries to customers.

The slightly better than expected financial results don’t make up for a company struggling with questions from Congressregulators and the traveling public about the quality and safety of its aircraft. It is not only scrambling to repair its badly damaged reputation but also to satisfy airline customers being hurt by not receiving the aircraft they had been promised. Boeing said it is taking the necessary steps to fix the quality issues. But those fixes will continue to cause additional losses and missed delivery targets in the months ahead.

  • BigMikeInAustin@lemmy.world
    link
    fedilink
    English
    arrow-up
    19
    arrow-down
    1
    ·
    2 months ago

    You think it will take 10, or only 5, years until shareholders push for the exact same situation to happen?

    The ultra wealthy shareholders all probably sold at a high just before the info came out, and then rebuy at a low after the losses hit. Or they purposely hold to use the losses to offset some other big win.

    For the ultra wealthy, a predictable up and down is more important than a slowly always growing.

    • stoy@lemmy.zip
      link
      fedilink
      arrow-up
      5
      ·
      2 months ago

      Have Boeing ever stopped it’s stock buy back program?

      I if not, then it just shows that they never cared.

      • MinFapper@lemmy.world
        link
        fedilink
        arrow-up
        1
        ·
        edit-2
        2 months ago

        Until about 20 years ago they did care though. They did good work for almost 100 years to get that reputation.