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“The COVID-19 pandemic is affecting every aspect of our business, including airline customer demand, production continuity and supply chain stability,” Boeing President and CEO David Calhoun said in a statement.
However, the company added that it expects to have enough liquidity to continue funding its operations, after taking a string of cash conservation measures in recent weeks. These include the drawing of a multi-billion credit facility, cuts to operating and capital spending; the suspension of buybacks and dividends, and the elimination of CEO and Chairman pay for the year.
The net loss per share of $1.70 was some 20% wider than expected, while revenue fell to $16.91 billion from $22.92 billion, worse than the $17.28 billion forecast by analysts.
Analysts expect a further drop in revenue but a narrower loss. in the second quarter.
Boeing shares are down 59% from the beginning of the year , still down 66.42% from its 52 week high of $391.00 set on September 25, 2019. They are under-performing the Dow 30 which is down 15.84% year to date.
Boeing shares lost 1.04% in pre-market trade following the report.
Boeing’s report follows an earnings missed by ASML ADR on April 15, who reported EPS of $0.93 on revenue of $2.44B, compared to forecasts EPS of $1.47 on revenue of $3.17B.
Lockheed Martin had beat expectations on April 21 with first quarter EPS of $6.08 on revenue of $15.65B, compared to forecast for EPS of $5.81 on revenue of $15.08B.
Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com’s earnings calendar
