Losses continued to mount for Boeing, as the supply chain problems caused higher-than-expected losses.
The company reported a loss of $1.27 per share, excluding special, one-off charges and gains. Although that was an improvement from the $2.75 a share it lost on that basis a year earlier, it marked the seventh-straight quarter in which Boeing reported a loss, excluding one-time items.
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Since the grounding of the 737 Max in March of 2019, following two crashes that killed 346 people, Boeing has reported only one quarterly profit without the help of special items.
The loss was worse than the forecast of a $1.07 a share from analysts surveyed by Refinitiv. But those analysts don't expect a near-term end of the red ink at Boeing, with another loss forecast for the current quarter. Wall Street expects only narrow profits in the second half of the year, which are expected to leave Boeing with an annual loss for the fifth-straight year.
The company disclosed earlier this month that a "significant number" of 737 Max jets in production had been affected by a "non-standard manufacturing process" by one of its suppliers which would affect near-term deliveries and production.
But Boeing reaffirmed its earlier guidance that it expects have a positive cash flow this year, and said it expects to build 38 737 Max jets a month later this year, and to deliver 400 to 450 of the planes.
Those assurances helped lift shares of Boeing 4% in premarket trading, despite the bigger than expected loss.
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