Boeing Announces Q1 2023 Financial Results

DALLAS - Boeing has announced its first quarter (Q1) 2023 financial results and revealed plans to increase the output of 737 MAX family airliners from 31 per month to 38 later this year.

Increased demand, a strong order book and recent deliveries have narrowed the manufacturer's net loss to US$425m, down from a US$1.24bn loss last year.

Sales are up 28% year-on-year, including the recent bumper order from Air India (AI) for 190 737 MAX, 20 787, and 10 777Xs. The manufacturer now has an order backlog of over 4,500 airplanes, valued at US334bn.

N27751 Boeing Company Boeing 737-10 MAX First Flight. Photo: Brandon Farris/Airways.

Deliveries

For this quarter, Boeing delivered 130 airframes, including 113 737 MAXs, 11 787s, four 777s and a single 767 and 747. This was up from 95 deliveries in Q1 2022, helping revenues to increase to US$17.9bn. Boeing plans to deliver between 400-450 737 MAXs this financial year.

'"We delivered a solid first quarter and are focused on driving stability for our customers," said Dave Calhoun, Boeing president and chief executive officer.

"We are progressing through recent supply chain disruptions but remain confident in the goals we set for this year, as well as for the longer term. Demand is strong across our key markets and we are growing investments to advance our development programs and innovate strategic capabilities for our customers and for our future."

Boeing 787-10 House Colors. Photo: Brandon Farris/Airways.

Supply Chain Issues

However, Boeing has continued to be plagued with supply chain issues. Recently, the beleaguered 737 MAX family was hit with further problems over 'a non-standard manufacturing process was used on two fittings in the aft fuselage section.' Boeing has said that the issue poses no immediate risk to flight safety and that the 'in-service fleet can continue operating safely.'

Meanwhile, the 787 Dreamliner program, which has also encountered delivery problems, is now producing three airframes per month. This is expected to increase to five per month later this year and up to ten by 2025/2026.

Boeing's Defense, Space & Security first-quarter revenue was $6.5bn, while its Global Services, which covers the Converted Freighter program, stood at US$4.7bn.

https://airwaysmag.com/the-boeing-737-max/

Featured Image: Boeing Company Boeing 777-9X (N779XY). Photo: Michael Rodeback/Airways.