Mired In Crisis, Boeing Reports Another Loss
Date
4/24/2024 2:01:23 PM
(MENAFN- The Peninsula) AFP
New York: Troubled Aviation giant Boeing reported a first-quarter loss of $343 million on Wednesday, reflecting recent safety troubles that have slowed production and deliveries.
Boeing said it tempered production in the 737 program following a January near-catastrophic incident on an Alaska airlines jet that has sparked heavy scrutiny from Washington and among Boeing's airline customers.
"Our first quarter results reflect the immediate actions we've taken to slow down 737 production to drive improvements in quality," said Chief Executive Dave Calhoun, who will step down at the end of 2024.
The extra time taken "will position us for a stronger and more stable future," Calhoun said.
Boeing's commercial airplane business suffered an operating loss as the company pointed to unspecified "customer considerations" following a temporary grounding of the 737 MAX 9 after the Alaska Airlines incident, in which a panel on the fuselage blew out mid-flight.
Boeing's defense space and security division reported operating profitability in spite of losses on a pair of defense program involving a tanker and advanced jet trainer.
Revenues fell 7.5 percent to $16.6 billion.
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