Charted: Boeing's drag
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Boeing burned through almost $4 billion in cash in the first quarter and revenue fell 8% from a year ago, due mainly to struggles in its commercial aircraft business and efforts to implement fixes.
Between the lines: The company delivered 83 commercial planes during the quarter, 36% less than a year ago, and reported a $1.14 billion loss from operations from the segment.
- In its troubled 737 program — the company's bestselling plane — it slowed production to incorporate fixes around quality management and to implement its plan based on feedback from an FAA audit.
Zoom out: Boeing's $355 million net loss for the period actually came in better than expected behind improved results in its other two business segments.
What we're watching: CFO Brian West said on the company's earnings call today that Boeing "remains confident in our ability to achieve $10 billion of free cash flow," longer term.
- Today, the company has $17 billion of liquidity, including cash on hand and available credit lines.
