Boeing will try to divert as many as 50 planes ordered by Chinese airlines to customers elsewhere after steep tariffs prompted by Donald Trump’s trade war.The US manufacturer said it was confident it could find other buyers for the planes, but said it was lobbying Trump personally to resolve an “unfortunate situation”.Two Boeing jets have returned to the US from China, with another on the way, after the imposition of steep 125% tariffs on American imports. China imposed the levies in retaliation to the Whit ...

Revenue and Earnings - Revenues for Q1 2025 increased by $2,927 million to $19,496 million compared to $16,569 million in Q1 2024, driven by higher revenues in Commercial Airplanes and Global Services [151]. - Earnings from operations for Q1 2025 were $461 million, a significant improvement from a loss of $86 million in Q1 2024 [155]. - Core operating earnings for Q1 2025 increased by $587 million compared to Q1 2024, reaching $199 million from a loss of $388 million [157]. - Net loss attributable to Boeing shareholders for Q1 2025 was $37 million, an improvement from a loss of $343 million in Q1 2024 [161]. Segment Performance - Commercial Airplanes segment revenues rose by $3,494 million primarily due to higher deliveries and the absence of 737-9 customer considerations [151]. - Boeing Commercial Airplanes (BCA) revenues increased by $3,494 million to $8,147 million for the three months ended March 31, 2025, compared to $4,653 million in the same period in 2024, primarily due to higher deliveries [178]. - BCA delivered 130 commercial airplanes in the first three months of 2025, up from 83 deliveries in the same period in 2024, with 737 deliveries increasing from 67 to 105 [179]. - BCA reported a loss from operations of $537 million for the three months ended March 31, 2025, an improvement from a loss of $1,143 million in the same period in 2024 [180]. - The Defense, Space & Security (BDS) segment reported revenues of $6,298 million for the three months ended March 31, 2025, a decrease of $652 million compared to $6,950 million in the same period in 2024 [203]. - BDS earnings from operations increased to $155 million for the three months ended March 31, 2025, compared to $151 million in the same period in 2024, primarily due to lower net unfavorable cumulative catch-up adjustments [204]. - BDS earnings from operations decreased to $6 million for the three months ended March 31, 2025, down from $75 million in the same period of 2024 [205]. Backlog and Orders - Total backlog as of March 31, 2025, was $544,736 million, up from $521,336 million at the end of 2024, primarily due to increases in Commercial Airplanes and Global Services backlog [167]. - Total backlog for BCA increased from $435,175 million as of December 31, 2024, to $460,447 million at March 31, 2025, despite $2,312 million in aircraft order cancellations [182]. - BDS backlog was $61,567 million as of March 31, 2025, a decrease from $64,023 million at December 31, 2024 [206]. - BGS total backlog rose to $22,036 million at March 31, 2025, up from $21,403 million at December 31, 2024 [212]. Costs and Expenses - Cost of sales for Q1 2025 increased by $2,386 million to $17,079 million, representing a 16% increase compared to Q1 2024 [165]. - Research and development expenses for Q1 2025 totaled $844 million, slightly down from $868 million in Q1 2024 [166]. Cash Flow and Debt - Net cash used by operating activities was $1.6 billion for the three months ended March 31, 2025, a significant improvement from $3.4 billion in the same period of 2024 [213]. - Net cash used by investing activities was $1.7 billion for the three months ended March 31, 2025, compared to net cash provided of $2.1 billion in 2024 [216]. - Total debt balance decreased to $53.6 billion as of March 31, 2025, down from $53.9 billion at December 31, 2024 [217]. - Cash and cash equivalents, including restricted, were $10.1 billion at March 31, 2025, compared to $6.9 billion at the end of the same period in 2024 [219]. Future Outlook - The company anticipates that revenues will continue to be significantly impacted until deliveries ramp up and the global supply chain stabilizes [152]. - Boeing is targeting a production rate of approximately 3 aircraft per month for the 767 program, with expectations to complete production by 2027 [191]. - The 777X program is expected to have first deliveries in 2026, with break-even gross margins reported as of March 31, 2025 [194][195]. - Boeing is currently producing approximately 5 aircraft per month for the 787 program, with 20 aircraft in inventory as of March 31, 2025 [196]. - The company expects capital expenditures in 2025 to be higher than in 2024, with capital expenditures recorded at $0.7 billion in Q1 2025 [216]. Tax and Market Risk - The effective income tax rate for Q1 2025 was 140.8%, significantly higher than 6.1% in Q1 2024 [150]. - There have been no significant changes to the company's market risk since December 31, 2024 [233]. Strategic Moves - Boeing entered into an agreement to acquire Spirit on June 30, 2024, as part of its strategy to enhance production capabilities [197].

Core Viewpoint - Boeing's stock experienced a significant rise following the release of its first-quarter earnings report, indicating positive market sentiment towards the company's operational improvements and future potential [1][5]. Group 1: Earnings Report and Stock Performance - Boeing's stock rose by as much as 8.7% in pre-market trading and was up 5.5% by midday, reflecting investor optimism after the earnings report [1]. - The earnings report suggests that Boeing is beginning to address its operational challenges, particularly in aircraft delivery rates and profit margins [3][5]. Group 2: Operational Improvements - Management confirmed that the delivery rates for the 737 and 787 programs are on track, with expectations to reach monthly delivery rates of 38 and 7, respectively, by year-end [4]. - The Boeing Defense, Space & Security (BDS) segment reported a 2.5% operating profit margin for the quarter, with plans to return to high single-digit margins over time [4]. Group 3: Leadership and Future Outlook - CEO Kelly Ortberg is viewed as having a significant opportunity to lead a turnaround for Boeing through effective execution of operational strategies [2][3]. - Despite ongoing risks, including tariff conflicts, the operational progress demonstrated in the first quarter is seen as a positive indicator for the company's future [5].

波音公司：预计4月份737飞机交付量将达到20-30架区间的高端。 ...

Group 1 - Boeing benefits from tariff exemptions on many imported products from Canada and Mexico under the US-Mexico-Canada Agreement (USMCA) [1]

波音公司：公司的大部分供应链都在美国。 ...

波音公司：正致力于提前交付"空军一号"飞机。 ...

Core Insights - Boeing reported $19.5 billion in revenue for Q1 2025, a 17.7% year-over-year increase, with an EPS of -$0.49 compared to -$1.13 a year ago, exceeding revenue estimates by 1.08% and EPS estimates by 68.18% [1] Financial Performance - Boeing's total deliveries reached 130, surpassing the average estimate of 115, with specific deliveries for Commercial Airplanes: 737 at 105 (vs. 92 estimate), 787 at 13 (vs. 13 estimate), 767 at 5 (vs. 5 estimate), and 777 at 7 (vs. 7 estimate) [4] - Revenue from Commercial Airplanes was $8.15 billion, exceeding the average estimate of $7.46 billion, reflecting a year-over-year increase of 75.1% [4] - Global Services revenue was $5.06 billion, slightly below the $5.35 billion estimate, showing a 0.4% year-over-year change [4] - Defense, Space & Security revenue was $6.30 billion, below the $6.53 billion estimate, representing a 9.4% year-over-year decline [4] Operational Metrics - Earnings from operations in Commercial Airplanes were -$537 million, better than the average estimate of -$645.91 million [4] - Earnings from operations in Defense, Space & Security were $155 million, significantly better than the average estimate of -$267.80 million [4] - Earnings from operations in Global Services were $943 million, below the average estimate of $1.08 billion [4] Stock Performance - Boeing shares have returned -11% over the past month, compared to the S&P 500 composite's -6.6% change, with a current Zacks Rank of 3 (Hold) indicating potential performance in line with the broader market [3]

Core Insights - Boeing reported Q1 2025 earnings that exceeded analyst expectations, with revenue reaching $19.5 billion, driven by increased commercial airplane deliveries [2][3] - The company experienced a significant recovery in its Commercial Airplanes segment, with a 57% increase in aircraft deliveries from 83 to 130 airplanes [6] - Ongoing challenges persist in the Defense, Space & Security segment, which saw a 9% decline in revenue to $6.3 billion [7] Financial Performance - Q1 2025 Non-GAAP EPS improved to a loss of $0.49, better than the anticipated loss of $1.18 [2][3] - Revenue for Q1 2025 increased by 17.7% compared to Q1 2024, which had revenue of $16.57 billion [3] - Operating cash flow was negative at $1.6 billion, while free cash flow also remained negative at $2.3 billion [3][9] Business Overview - Boeing focuses on enhancing production capabilities and stabilizing its supply chain to meet growing global demand for aircraft [4] - The Commercial Airplanes segment is crucial for Boeing's financial health, contributing significantly to revenue streams [4] - The company is developing innovative aircraft like the 777X to remain competitive against rivals such as Airbus [4] Operational Highlights - The 737 program is set to ramp up production to 38 planes per month within the year [6][11] - The Defense segment is facing challenges, including pre-tax charges related to fixed-price contracts, despite securing a contract for next-generation fighter jets [7] - The Global Services segment reported a marginal increase in margins to 18.6%, affirming its role as a reliable revenue stream [8] Future Outlook - Boeing aims to increase commercial aircraft production and enhance supply chain resilience, with plans to reach a production rate of 38 per month [11] - Management is focused on navigating regulatory frameworks and managing defense contracts to align with customer specifications [12] - Robust demand for commercial airplanes provides optimism, despite uncertainties in the defense sector [12]

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...