Boeing’s stock climbed after the company reported mixed first-quarter 2024 results. Despite a revenue decline, the company beat consensus estimates for revenue and adjusted loss per share.
Revenue fell 8% year-over-year to $16.569 billion, driven by lower commercial deliveries and grounding of the 737-9. However, adjusted loss per share contracted to $(1.13), outperforming the consensus of $(1.76).
CEO Dave Calhoun emphasized the company’s focus on improving quality and safety systems for a more stable future. Boeing recorded an adjusted operating loss of $(388) million for the quarter. Commercial Airplanes revenue fell 31% YoY, but Global Services revenue grew 7% YoY.
Boeing’s total backlog remains strong at $529 billion, including over 5,600 commercial airplanes valued at $448 billion. The company also announced an advance payment to Spirit Aerosystems to support production.