Boeing is reporting a money-losing quarter as both its civilian-airplane division and the defense business are struggling
. Boeing said Wednesday, April 27, 2022, that it lost $1.24 billion in the first quarter and took large write-downs for several programs. Boeing said Wednesday that it lost $1.2 billion in the first quarter as it and took large write-downs and lost money in both its civilian-airplane and defense businesses.
Calhoun said the company was on track to generate positive cash flow over the entire year"despite the pressures on our defense and commercial development programs.” Boeing took a $660 million charge for its program to build two new presidential Air Force One jets — specially modified Boeing 747s — which it blamed on higher supplier costs and schedule delays. It also took $367 million in charges on a military training jet. Inflation is lowering the value of Boeing's fixed-cost contracts for government customers.
“They have a busy summer schedule. We have already disappointed them with respect to the capacity on that summer schedule," Calhoun said. Just when Boeing will be cleared to resume deliveries of 787s is up to the FAA, but Calhoun said “We will be back in the air sooner rather than later.” Boeing's commercial-airplanes division lost $859 billion, hobbled by the inability to deliver 787 jets while Boeing tries to fix production flaws on the twin-aisle plane.
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