Boeing Reports Negative Q1 Financial Results

DALLAS – Boeing has announced its Q1 2024 results. The lower Boeing 737 deliveries combined with the partial grounding of the Boeing 737-9 have decreased revenue by 8%, from USD 17,921 million in Q1 2023 to USD 16,569 million in Q1 2024. 

The company’s net loss has decreased from USD 425 million to USD 325 million. Boeing Commercial Airplane loss is evaluated as USD 1.1 billion.

In Q1 2024, Boeing delivered 83 aircraft as opposed to the 130 delivered in the first quarter of 2023. The associated revenue has decreased from USD 6,704 billion to USD 4,653 million. Boeing delivered 67 737s instead of 113 for the same period in 2023. The company increased its Dreamliner deliveries from 11 to 13 and Boeing 767 deliveries from 1 to 3.

Reduced Production Rate

During the first quarter, the Boeing 737 program saw a decrease in production below 38 monthly units. Boeing Commercial Airplane booked 125 net orders, including 85 737-10 airplanes for American Airlines (AA) and 28 777X airplanes for customers including Ethiopian Airlines (ET). 

Currently, Boeing’s backlog stands at 5,600 airplanes, at a cumulative value of USD 448 billion. Overall, the commercial airplane backlog has increased by USD 8 billion over the same period in 2023.

"Our first quarter results reflect the immediate actions we've taken to slow down 737 production to drive improvements in quality. We will take the time necessary to strengthen our quality and safety management systems and this work will position us for a stronger and more stable future," said Dave Calhoun, Boeing president and CEO.

The featured image showcases the Boeing 777-9 landing after its flight display at the 2023 edition of the Paris Airshow.