<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Boeing (BA) posted yet another steep quarterly loss on Wednesday, as the double-barrel blast from the coronavirus pandemic and its idled flagship plane forced the aerospace giant to burn through more than $4 billion in cash.” data-reactid=”16″>Boeing (BA) posted yet another steep quarterly loss on Wednesday, as the double-barrel blast from the coronavirus pandemic and its idled flagship plane forced the aerospace giant to burn through more than $4 billion in cash.

Here are key results from the report, versus what Wall Street was expecting, according to a consensus forecast compiled by Bloomberg: 

  • Revenue: $16.9 billion vs $17.01 billion expected

  • Adjusted loss per share: -1.70 vs -$1.76 expected

  • GAAP share loss: -$1.11 vs. $1.24 expected

  • Operating cash flow: -$4.3 billion

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Last quarter, the company posted an unexpected deficit — its first in 20 years — as it struggled to contain the ongoing fallout from its 737 MAX, which shows no signs of taking to the skies again anytime soon after two fatal crashes forced the plane’s grounding. According to a Reuters report, regulators are not expected to clear the plane until August at the earliest, while federal prosecutors are reportedly probing the plane’s numerous production troubles.” data-reactid=”24″>Last quarter, the company posted an unexpected deficit — its first in 20 years — as it struggled to contain the ongoing fallout from its 737 MAX, which shows no signs of taking to the skies again anytime soon after two fatal crashes forced the plane’s grounding. According to a Reuters report, regulators are not expected to clear the plane until August at the earliest, while federal prosecutors are reportedly probing the plane’s numerous production troubles.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The debacle has prompted a number of airlines, including Southwest (LUV) and United (UAL) to remove the plane from their schedules. In addition, the aerospace giant has had to tap banks for more than $12 billion in loans to bolster its finances, as economists estimate the impact will continue to be a drag on the U.S. economy, as well as other industries.” data-reactid=”25″>The debacle has prompted a number of airlines, including Southwest (LUV) and United (UAL) to remove the plane from their schedules. In addition, the aerospace giant has had to tap banks for more than $12 billion in loans to bolster its finances, as economists estimate the impact will continue to be a drag on the U.S. economy, as well as other industries.

FILE - In this Dec. 16, 2019, file photo, a worker looks up underneath a Boeing 737 MAX jet, in Renton, Wash. Boeing has found a new software problem on its grounded 737 Max jetliner. The aircraft maker said, Friday, Jan. 17, 2020, it is making the necessary changes and working with the Federal Aviation Administration. (AP Photo/Elaine Thompson, File)FILE - In this Dec. 16, 2019, file photo, a worker looks up underneath a Boeing 737 MAX jet, in Renton, Wash. Boeing has found a new software problem on its grounded 737 Max jetliner. The aircraft maker said, Friday, Jan. 17, 2020, it is making the necessary changes and working with the Federal Aviation Administration. (AP Photo/Elaine Thompson, File)
FILE – In this Dec. 16, 2019, file photo, a worker looks up underneath a Boeing 737 MAX jet, in Renton, Wash. Boeing has found a new software problem on its grounded 737 Max jetliner. The aircraft maker said, Friday, Jan. 17, 2020, it is making the necessary changes and working with the Federal Aviation Administration. (AP Photo/Elaine Thompson, File)

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Boeing’s 737 MAX woes have converged with the escalating economic crisis sparked by the COVID-19 pandemic, which have badly undermined the company’s commercial aircraft deliveries in the first quarter. Boeing delivered only 50 planes in Q1, a 66% drop from 149 in the comparable year-ago quarter.” data-reactid=”37″>Boeing’s 737 MAX woes have converged with the escalating economic crisis sparked by the COVID-19 pandemic, which have badly undermined the company’s commercial aircraft deliveries in the first quarter. Boeing delivered only 50 planes in Q1, a 66% drop from 149 in the comparable year-ago quarter.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Commercial airlines are reeling from the restrictions that have kept consumers sequestered at home and out of the skies — which means they have virtually no use for aircraft as passenger traffic plunged by nearly 100% in March alone. And over the weekend, Boeing terminated a $4.2 billion merger agreement with Brazil’s Embraer, citing its failure to “satisfy the necessary conditions.”” data-reactid=”38″>Commercial airlines are reeling from the restrictions that have kept consumers sequestered at home and out of the skies — which means they have virtually no use for aircraft as passenger traffic plunged by nearly 100% in March alone. And over the weekend, Boeing terminated a $4.2 billion merger agreement with Brazil’s Embraer, citing its failure to “satisfy the necessary conditions.”

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="In a virtual shareholder meeting on Monday, newly appointed CEO David Calhoun painted a dire portrait of the aviation industry’s medium-term outlook, warning that it faced years of recovery from the pandemic.” data-reactid=”39″>In a virtual shareholder meeting on Monday, newly appointed CEO David Calhoun painted a dire portrait of the aviation industry’s medium-term outlook, warning that it faced years of recovery from the pandemic.

“It will take two to three years for travel to return to 2019 levels and an additional few years beyond that for the industry’s long-term growth trend to return,” the CEO said, adding that when the industry normalizes, “the commercial market will be smaller, and our customers’ needs will be different.”

Boeing’s troubles have had a ripple effect on the vast U.S. economy, which faces months of uncertainty and an agonizing recession triggered by the coronavirus lockdowns. In March, durable goods orders plummeted by 14.4%, driven mostly by a startling 296% decline in commercial aircraft orders. 

Analysts at Capital Economics warned that with global travel in turmoil, “the outlook for aircraft manufacturers like Boeing is even more grim.”

Boeing’s stock, which ended Tuesday’s trading up by 2% at $131.30, has shed more than 75% from its 52-week high at $391. Year to date, the stock has cost shareholders 57% according to Goldman Sachs. 

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Javier David is an editor for Yahoo Finance. Follow Javier on Twitter:&nbsp;@TeflonGeek” data-reactid=”44″>Javier David is an editor for Yahoo Finance. Follow Javier on Twitter: @TeflonGeek

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Read the latest financial and business news from Yahoo Finance” data-reactid=”45″>Read the latest financial and business news from Yahoo Finance

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