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read moreĪsked whether Boeing would hit a 500-aircraft delivery target for the 737 MAX this year, Chief Financial Officer Brian West said, 'we probably won't get quite all the way there. And we're going to recognize the costs associated with it.'īoeing also recorded $367 million in charges for its T-7A Red Hawk trainer jet due to inflation, supply chain issues and pandemic impacts.Īnd it booked pre-tax charges of $212 million due to the war in Ukraine and international sanctions against Russia, which pose risks to materials supply and aircraft orders. 'But we are where we are, and we're going to deliver great airplanes. 'Air Force One, I'm just going to call a very unique moment, a very unique negotiation, a very unique set of risks that Boeing probably shouldn't have taken,' Calhoun said. It booked a $660 million charge in the quarter on its VC-25B - commonly known as Air Force One - due to higher supplier costs and technical problems and schedule delays. 'Inflation continues to take a hard run at everything we do,' Calhoun told analysts. Like other aerospace companies, Boeing is grappling with supply chain logjams, inflation and fallout from war in Ukraine. Revenue fell to $13.99 billion from $15.22 billion. It reported a quarterly core loss per share of $2.75, compared with a loss of $1.53 per share a year ago. 'Traffic is returning, and it's returning in a pretty big way,' Calhoun said. It has 320 of the jets in inventory.īoeing said it was on track to return to positive cash flow in 2022 with no need for an immediate capital raise as it ramps up deliveries of the cash-cow narrow-body, though it faces risks in the crucial China market even as travel rebounds from the pandemic. And if we don't, it's a problem.'īoeing reiterated it expects its 737 MAX production rate to reach 31 planes per month in the second quarter, a slight delay from what some analysts expected, though industry sources have not ruled out a slip. 'So I believe our chances are good with respect to getting legislative relief. 'The intent of that legislation was never to stop the derivative product line with respect to the MAX,' Calhoun said. The deadline for changes was introduced as part of broader regulatory reforms at the Federal Aviation Administration following fatal 737 MAX crashes in 20. ARRAY OF CHARGESīoeing is facing an increasingly high-stakes battle to win certification of the largest variant of the 737 MAX before a new safety standard on cockpit alerts takes effect at year-end. 'We are concerned that this delay (in 777X delivery) may allow airlines to cancel without penalty,' Citi Research analyst Charles Armitage said.

He said the production pause would help minimize inventory and the number of jets requiring retrofits, while it adds to freighter capacity with a newly launched cargo spinoff of the 777X, the world's largest twin-engine passenger plane.

'We've got to give ourselves the time and freedom to get this right,' Calhoun told analysts.Ĭalhoun said the halt in 777-9 production - which will add $1.5 billionin fresh costs - was based on a longer safety certification timeline, a risk reported by Reuters in February. read moreīoeing also confirmed a delay in handing over the first 777X jet to 2025, from the previous target of late 2023, but said it remained confident in the program. Reuters reported last week Boeing had advised key airlines and parts suppliers that the deliveries would resume in the second half of this year. The twin-aisled Dreamliner, along with its cash cow 737 MAX, are vital to Boeing's ability to emerge from overlapping coronavirus and jet-safety crises, a path steepened by war in Ukraine.īoeing did not specify when Boeing would resume Dreamliner deliveries.

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