A Boeing 737 Max is displayed during the Farnborough Airshow, in Farnborough, on July 18, 2022. (Photo by JUSTIN TALLIS / AFP) (Photo by JUSTIN TALLIS/AFP via Getty Images)
Justin Tallis | AFP | Getty Images
Boeing said Wednesday it plans to increase output of 737 Max planes to 38 a month from 31 later this year, despite a manufacturing issue affecting some aircraft.
That production rate would be the highest in years for the best-selling aircraft and comes as Boeing seeks to get planes to airlines faster as those customers capitalize on a rebound in air travel.
“This is an important year for us,” Boeing CEO Dave Calhoun said in a staff memo on Wednesday. “As demand surges across our markets, we must focus together on execution and meeting our customer commitments.”
Boeing is also planning to raise output of the 787 Dreamliner to five planes a month late this year from a current rate of three.
Aircraft demand and stronger deliveries boosted Boeing’s revenue in the quarter with sales up 28% year-over-year. The company narrowed its net loss to $425 million, or 69 cents per share, from a year-ago net loss of $1.24 billion, or $2.06 per share.
Revenue in Boeing’s commercial airplane unit rose 60% in the first quarter to $6.7 billion as deliveries of new aircraft picked up, but the company said it was partially offset by 787 Dreamliner customer compensation for delivery delays.
Boeing shares were up more than 3% in premarket trading after reporting results.
Here’s how Boeing performed during the period ended March 31, compared with Refinitiv consensus estimates
- Adjusted loss per share: $1.27 vs. $1.07
- Revenue: $17.92 billion vs. $17.57 billion
Adjusting for special items, Boeing lost $440 million, or $1.27 per share, compared with a year-ago net loss of $1.44 billion, or $2.75 per share. The company reported a $245 million pre-tax charge on the company’s KC-46A Tanker program tied to supplier issues.
On Tuesday, major aircraft suppliers General Electric and Raytheon Technologies…
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