Summary by Moomoo AI
On April 24, 2024, Boeing released its financial results for the first quarter of 2024, revealing a revenue of $16.6 billion and a GAAP loss per share of ($0.56). The core (non-GAAP) loss per share was ($1.13), with an operating cash flow of ($3.4) billion and free cash flow of ($3.9) billion. The results were primarily affected by lower 737 deliveries and the grounding of the 737-9, which also influenced customer considerations. Despite these challenges, Boeing's total company backlog grew to $529 billion, including over 5,600 commercial airplanes. The company's president and CEO, Dave Calhoun, emphasized the immediate actions taken to improve quality by slowing down 737 production. Boeing's Defense, Space & Security segment reported a revenue increase to $7.0 billion with an operating margin of 2.2 percent, driven by higher volume and improved performance. Global Services also saw a revenue increase to $5.0 billion with an operating margin of 18.2 percent, reflecting higher commercial volume and favorable mix. Boeing ended the quarter with $7.5 billion in cash and marketable securities, after repaying debt and using free cash flow, reducing its debt from $52.3 billion to $47.9 billion.