Boeing reported a net loss of $355m (£285m) in the first quarter as it continues to grapple with the fallout from January’s Alaska Airlines incident.
Revenue fell eight per cent to $16.6bn (£13.34bn) as production on the 737 program dipped below 38 per month.
The embattled plane-maker has been in crisis after part of the fuselage on an Alaska Airlines’ 737-9 aircraft fell off mid-air earlier in the year, forcing a dramatic emergency landing.
It is under investigation by the US Department of Justice and aviation regulators, while a host of top level c-suites, including boss Dave Calhoun, are stepping down.
Revenue in its commercial airplanes segment fell by a quarter to $4.7bn (£3.78bn) reflecting lower 737 deliveries and compensation to customers for 737-9 groundings.
Losses widened to $1.14bn, up from $615m the year prior, as total deliveries fell 36 per cent to 83.
Shares are down over 30 per cent in the year to date against a rise in rival Airbus’s of over 15. However, they recovered some ground on Wednesday, rising over four per cent after the results announcement.
Cash drain for the quarter reached $3.93bn but this was less severe than analysts had forecast. The $16.6bn revenue figure was also above a prior forecast of $16.3bn.
The Federal Aviation Administration (FAA), the US aviation watchdog, has given Boeing until the end of May to come up with a plan to resolve its issues.
Complaints about the company’s culture have circled for years and a string of whistleblowers have emerged raising safety concerns on its production line.
Sam Salehpour, an engineer at the planemaker, told a hearing on Capitol Hill last week that hundreds of people could lose their lives if Boeing fails to address the issues.
Hundreds of people could lose their lives if Boeing fails to address quality issues, a whistleblower warned the US Congress on Wednesday.
In 2019 and 2019, two fatal 737 Max crashes resulted in the deaths of 346 passengers and grounded the planes worldwide.
