Updated at 7:49 am EST
Boeing () suffered another larger-than-expected first quarter loss on Wednesday, owing in part to $1.5 billion in 'abnormal cost' charges linked to its 777x twin-engine jet.
The aircraftmaker said it submitted a certification plan to the Federal Aviation Administration of the United States that it would resume 787 Dreamliner deliveries later this year, albeit in an attempt to eliminate the surprisingly large first quarter loss.
Boeing said its core loss for the three months ending in March was adjusted at $2.75 per share, down from a $1.53 per share loss over the same period last year, but is far outside the Street consensus forecast of a 25 cents per share loss.
Group earnings, according to Boeing, fell 8% from last year to $14 billion, a tally that also missed analysts' estimates of a $16.02 billion tally. Free cash flow was estimated at 3.6 billion for the quarter, but the group reiterated its promise to increase the figure in 2023.
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"While the first quarter of 2022 brought fresh challenges to our world, industry, and business, I am proud of our team, as well as the steady progress we're making towards our key commitments," said CEO Dave Calhoun. "We increased 737 MAX production and deliveries and made significant progress on the 787 by submitting our certification plan to the FAA."
"Despite the pressures on our defense and commercial development programs, we remain on track to generate positive cash flow for 2022, and we're focused on our performance as we develop certification requirements and mature several key programs to production," he said. "We're taking the proper measures to maintain stability throughout our operations, deliver on our commitments to customers, and position Boeing for a long-term future."
After the earnings release, Boeing's stock was significantly down in pre-market trading, indicating a $162.00 opening bell price.
Just days after the planemaker grounded eight of the huge jets, which were manufactured in South Carolina, after discovering flaws that raised questions about their structural integrity and the possibility of potential in-flight failures.
According to Boeing, the production of the 737 MAX, the company's workhorse jet, which was recently approved for return to service following fatal collisions in 2018 and 2018, should reach 31 aircraft per month this year.
