The Boeing Company is set to report its results for the opening quarter of fiscal 2024 on Wednesday following disappointing delivery figures that fell by 36% compared to the previous year. The results are expected to reflect concerns over the company's safety and production practices, fueled by several incidents since the beginning of the year which resulted in a 35.10% drop in the company's stock over the past four months.
During the first quarter, the 737 fleet experienced a notable 40.7% decline in deliveries, due to production pauses and quality assessments following the in-flight door plug blowout incident on a Boeing 737 MAX 9 earlier this year, which appeared to dampen its demand among carriers. The company did deliver 13 787 airplanes compared to the 11 delivered during the corresponding timeframe in 2023. Still, the fleet may be hit by slower production and delivery growth of 787 Dreamliner planes due to certain "supplier shortages," as reported by CNBC earlier this week, citing an internal memo by the fleet’s Vice President Scott Stocker.
Projections by Zacks Investment Research suggest that the Virginia-based aircraft manufacturer is poised to report revenue of $17.7 billion for the quarter, slightly lower than the $17.9 billion recorded in the corresponding period of the previous year. Additionally, Boeing's anticipated core loss per share is seen at $1.43, contrasting with the $0.47 per share in the previous quarter. Boeing's commercial business segment could see a loss of $881 million in the opening quarter of 2024, marking a "significant deterioration" from $615 million seen last year, Zacks underlined.
