Boeing reported a wider loss and weaker revenue than analysts had expected for the first three months of the year amid higher costs and delays, including pushing back production of its next-generation twin-aisle plane, reports The New York Times.
The company said it lost nearly $1.5 billion in the first quarter on total revenue of just under $14 billion, both just below analysts' estimates. The company also reported a loss of more than $2 per share.
"While the first quarter of 2022 brought new challenges for our world, industry and business, I am proud of our team and the steady progress we're making toward our key commitments," Boeing CEO Dave Calhoun said in a statement.
The slowdowns and higher costs stemmed from Russia's war in Ukraine and regulators' quality concerns. The company reported negative operating cash flow for the quarter of $3.2 billion, but said that it still expected positive cash flow for the year. Boeing's stock was down about 8% by midday Wednesday.
Boeing said it had paused production of the 777-9, a new wide-body plane, through 2023, in part because of additional time the company expects it will need to meet certification requirements. The plane's first delivery is now slated for 2025, with the delay expected to cost $1.5 billion, starting in the second quarter, Boeing said.