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Boeing's Stock Rises As
earnings Better Than Feared
Boeing's (BA) stock is up 3% after the commercial aircraft manufacturer delivered first-quarter financial results that were not as bad as Wall Street had feared.
The Arlington, Virginia-based company reported a loss per share of $1.13 U.S., which was better than a loss of $1.76 U.S. expected among analysts.
Revenue in the quarter totaled $16.57 billion U.S., which topped estimates of $16.23 billion U.S. Sales were down 8% from a year earlier.
Boeing also reported less of a cash burn than analysts had expected and said that its supply chain is stabilizing. The news helped to alleviate some concerns about the company.
Analysts and investors had expected Boeing to report much worse results and a grim outlook as the company struggles with a 737 Max safety crisis.
In January of this year, a door plug on a 737 Max airplane blew off midflight and Boeing's safety record has been under a microscope ever since.
Regulators have stepped in to oversee Boeing's production process and new aircraft orders have been canceled in recent months.
Additionally, Boeing's chief executive officer (CEO) Dave Calhoun announced that he will step down from the company by year's end amid fallout from the latest safety problems.
In all, Boeing delivered 83 airplanes during Q1 of this year, down from 130 a year ago.
Before today (April 24), Boeing's stock had declined 33% on the year and was trading at $169.18 U.S. per share.
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