Boeing has posted a net loss of $1.24bn in the first quarter of 2022 amid rising costs and the impact of Ukraine war.
The figure more than doubled from the $561m loss incurred by the company in the same period a year ago.
Boeing’s quarterly revenues also fell by 8% to $14bn in Q1 2022, from $15.2bn recorded in Q1 2021.
The US-based company recorded $212m in pre-tax charges due to the fallout resulting from the Ukraine conflict.
Boeing’s Commercial Airplanes segment reported a 3% drop in quarterly revenue to $4.2bn. The fall was attributed primarily to the timing of wide-body deliveries.
The unit delivered 95 aeroplanes during the three-month period. Its backlog includes nearly 4,200 aeroplanes with a total value of $291bn.
The Defense, Space, and Security first-quarter revenue fell by 24% to $5.5bn in the first quarter of the year, from $7.2bn in the same period a year agp.
The drop was driven by lower volume and increasing costs on fixed-price development programmes.
The VC-25B programme recorded a $660m charge due to rising supplier costs and delays. The company also recorded $367m in charges in the T-7A Red Hawk programme due to supply chain issues, problems relating to the pandemic, and inflationary pressures.
During the quarter, Boeing secured a contract to deliver six MH-47G Block II Chinook rotorcraft for the US Army Special Operations.
Defense, Space, and Security’s backlog at the end of the quarter stood at $60bn.
Boeing president and CEO Dave Calhoun said: “While the first quarter of 2022 brought new challenges for our world, industry, and business, I am proud of our team and the steady progress we’re making toward our key commitments.”
He added: “Despite the pressures on our defence and commercial development programmes, we remain on track to generate positive cash flow for 2022, and we’re focused on our performance as we work through certification requirements and mature several key programs to production.”
