Boeing posts $1.24 billion loss for the first quarter

Boeing said Wednesday that it lost $1.2 billion in the first quarter as it and took large write-downs and lost money in both its civilian-airplane and defense businesses.

The loss was bigger than Wall Street had forecast, and the company’s quarterly revenue also fell short of expectations. Shares of Boeing Co., based in Chicago, fell almost 4% before the opening bell Wednesday.

Boeing offered some optimism for improvement, however, saying that it has submitted plans to resume deliveries of its 787 airliner and it increased production and deliveries of the 737 Max passenger jet during the quarter.

CEO David Calhoun said the company was on track to generate positive cash flow over the entire year “despite the pressures on our defense and commercial development programs.”

The quarterly report brought disappointing news for shareholders on a number of Boeing programs.

The company pushed back the expected first delivery of the 777-9, a new variant of Boeing’s long-range, twin-aisle passenger jet, until 2025 - a move that was widely expected. The delay caused Boeing to forecast $1.5 billion in “abnormal” production costs.

Boeing took a $660 million charge for its program to build new presidential Air Force One jets, which it blamed on higher supplier costs, final technical requirements and schedule delays. It also took $367 million in charges on a military training jet. (AP)