NEW YORK (AP) — Boeing on Wednesday said it slid into the red during the first quarter, with its self-inflicted 737 Max crisis now compounded by the coronavirus outbreak, which is hurting demand for airline jets.
The Chicago company said it posted a quarterly loss of $641 million, or $1.11 a share, on revenue of $16.91 billion. The adjusted loss was $1.70 per share.
On average, analysts surveyed by FactSet forecast a loss of $1.60 per share on revenue of $17.33 billion.
The company will cut production of commercial jet production rates but said it remains confident in its long-term future.
Shares of Boeing — which are down 60% in the year to date — added 4% in premarket trading.
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