Boeing’s Q1 earnings report showed mixed results as they exceeded revenue expectations, but fell short on profit. Despite experiencing production issues, the company plans to increase the output of its 737 Max planes. The planemaker’s revenue for the quarter was $17.92 billion, up 28% from the previous year, largely driven by higher demand for its planes. However, the adjusted EPS loss for the quarter was $1.27, wider than expected. Boeing CEO, Dave Calhoun, remains confident in the company’s long-term goals and investments to innovate strategic capabilities for customers. The company reaffirmed its prior guidance of $4.5 billion to $6.5 billion of operating cash flow and $3.0 to $5.0 billion of free cash flow for the year. The company also stated that it will increase production of the 737 Max planes to 38 per month, with a target of 400-450 deliveries this year. Despite experiencing recent setbacks with its 737 Max production, Boeing remains committed to ensuring that each plane meets its delivery standards.
The company’s backlog of 737 planes currently stands at 4,219 planes. Additionally, Boeing announced that the 787 Dreamliner program is producing three planes per month with plans to ramp up production to five per month in late 2023 and 10 per month in the 2025/2026 timeframe. The recent deal with Saudi Arabia for up to 121 787s is considered a significant achievement for the company. Boeing previously announced Q1 deliveries, which included 130 planes, up from 95 a year ago. The deliveries comprised of 113 737 Maxes, 11 787s, four 777s, and one 767 and 747.