FILE - In this April 20, 2020, file photo, planes sit parked behind a sign marking Boeing property at a Boeing production plant in Renton, Wash. Boeing shareholders approved a slate of 12 company-backed nominees for the board on Monday, April 27, despite recommendations from two proxy advisers against five directors, including the chairman, for what the advisers called poor oversight of the company's handling of the 737 Max crisis. (AP Photo/Elaine Thompson, File)

Boeing swings to 1Q loss, announces production cuts

April 29, 2020 - 7:47 am

NEW YORK (AP) — Boeing on Wednesday said it slid into the red during the first quarter, with its self-inflicted 737 Max crisis now compounded by the coronavirus outbreak, which is hurting demand for airline jets.

The Chicago company said it posted a quarterly loss of $641 million, or $1.11 a share, on revenue of $16.91 billion. The adjusted loss was $1.70 per share.

On average, analysts surveyed by FactSet forecast a loss of $1.60 per share on revenue of $17.33 billion.

The company will cut production of commercial jet production rates but said it remains confident in its long-term future.

Shares of Boeing — which are down 60% in the year to date — added 4% in premarket trading.

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