Boeing reported a first-quarter 2023 loss of $425 million, despite a 28% year-on-year Q1 2023 revenue increase to $17,9bn.
The loss was an improvement on the $1.2bn recorded in Q1 2022. In Q1 2023, the Seattle-based manufacturer said its operating cash flow was $300 million, down from the more $3bn for the 2022 quarter, with free cash flow at $800 million.
The revenue increase was based "primarily" on 130 deliveries of new jets, Boeing said, with the figures published showing commercial aircraft deliveries accounting for $6.7bn of the revenue, up from $4.2bn in Q1 2022 and around $200 million more than defence-related revenue.
"Cash and investments in marketable securities totalled $14.8bn, compared to $17.2bn at the beginning of the quarter," Boeing announced. Debt was down to $55.4bn from $57bn at the beginning of the quarter after the pay down of debt maturities. THe company reported having $12bn in undrawn credit facilities.
While the company said it aims to increase output to 38 aircraft per month in 2023 and to 50 by 2025, it reported a backlog of over 4,500 commercial airplanes. The aircraft are part of a wider company backlog worth $411 billion, an amount that tops the International Monetary Fund's latest estimate of Denmark's gross domestic product.
Boeing expects to deliver 400-450 737 airplanes in 2023 despite recent production delays with its 737 MAX that contributed to the recent losses, which amounted to $1.27 per share.
"We are progressing through recent supply chain disruptions but remain confident in the goals we set for this year, as well as for the longer term," said Dave Calhoun, Boeing's president and chief executive.
"Demand is strong across our key markets and we are growing investments to advance our development programmes and innovate strategic capabilities for our customers and for our future," Calhoun added, with Boeing saying it expected to come out of 2023 cashflow-positive.
The company's stock was reportedly on the up, according to analysts speaking on US television news bulletins, after the company's April 26 results announcement.