Boeing said Wednesday that it lost $1.2 billion in the first quarter as it 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. Boeing burned through $3.2 billion in cash.
“Messier quarter than any of us would have liked,” CEO David Calhoun acknowledged on CNBC.
Shares of Chicago-based Boeing Co. fell as much as 12.6 percent after the opening bell Wednesday—to a 52-week low—and were down 7 percent in midday trading.
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.
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