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Boeing investors have to go back to the first quarter of 2018 to find a quarter unaffected by the pandemic or the 737 MAX.
Scott Barbour/Getty Images
Commercial aerospace and defense giant
Boeing
reported first-quarter earnings that missed forecasts. Shares were falling.
Boeing
(ticker: BA) reported a loss of $2.75 a share from $14 billion in sales on Wednesday.
Wall Street was looking for a loss of about 15 cents a share from $15.9 billion in sales. A year ago, in the first quarter of 2021, Boeing reported a per-share loss of $1.53 from $15.2 billion in sales.
“It just got worse,” wrote Vertical Research Partners analyst Rob Stallard in a Wednesday report after the earnings. Defense and space sales were below his forecast and there is still no earnings guidance for investors to reference.
“This was another dreadful quarter from Boeing. And what we think will really worry investors is that we keep getting MORE bad news,” added Stallard.
Investors have to go back to the first quarter of 2018 to find a first quarter unaffected by the pandemic or the 737 MAX, when the jet was grounded worldwide between March 2019 and November 2020 after two crashes. Back then, Boeing earned about $3.64 a share from $23.4 billion in sales.
Boeing stock is down 9.6% in early Wednesday trading, at about $151 a share. The
S&P 500
and
Dow Jones Industrial Average
are up about 0.4% and 0.2%, respectively. Shares are on pace for their worst daily decline since June 11, 2020, when they dropped more than 16%,…
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