Boeing shares jump in pre-mkt trade as Q1 loss, sales beat forecasts

(Sharecast News) - Shares in Boeing rose in pre-market trade on Wednesday as the aircraft maker posted a lower-than-expected first-quarter loss on the back of better sales. The company reported a loss of $7m for the three months to March 31, compared with a $31m a year ago. On a per share basis the loss of 11 cents beat forecasts of a 35 cents loss a share.

Sales also beat estimates of $21.9bn, rising 14% to $22.2bn primarily reflecting 143 commercial deliveries. Shares in the firm were up 3.6% ahead of the opening bell.

Revenue at Boeing's commercial jet division rose 13% to $9.2bn, buoyed by its highest first-quarter deliveries since 2019. However, it still lost $563m in the quarter.

"The 737 program continues to produce at a 42 per month rate. In the quarter, 737-10 began the Type Inspection Authorisation 2 and made progress on this final phase of certification flight testing. We expect certification of the 737-7 and 737-10 in 2026 and the company anticipates first delivery in 2027," Boeing said in a statement.

It added that the 787 program continued stabilising production at eight per month while there was also FAA certification on the 787-9 and 787-10 for an increased maximum takeoff weight, "an important capability that drives value for our customers".

"In the quarter, the 777X program continued to make progress on 777-9 certification including FAA approval to begin the Type Inspection Authorisation 4a phase of certification flight testing. The company anticipates first delivery in 2027."

Commercial Airplanes booked 140 net orders in the quarter, including 25 737-10 and 25 737-8 airplanes for Aviation Capital Group, 30 787-10 airplanes for Delta Air Lines and 20 737-8 airplanes for Air India. Commercial Airplanes delivered 143 airplanes and backlog included over 6,100 airplanes valued at a record $576bn, Boeing said.

Reporting by Frank Prenesti for Sharecast.com