Boeing has posted a net loss of more than $1.2 billion in the first quarter, underpinned by a dip in sales and charges relating to the Russian war in Ukraine.
The loss in the three months to the end of March was nearly $681 million more than the US plane maker suffered in the same period last year.
Revenue dropped 8 per cent year-on-year to almost $14bn in three-month period.
The drop was driven by “lower defence volume and charges on fixed-price defence development programmes”, partially offset by commercial services volume, the company said. The loss per share of $2.06 also “reflects $212m of pre-tax charges for impacts of the war in Ukraine”.
“You will see we still have more work to do … but I remain encouraged with our trajectory and we are on track to generate positive cash flow for 2022,” Dave Calhoun, Boeing president and chief executive, said in an employee memo on Wednesday.
Sales for Boeing’s commercial aircraft unit dropped almost 3 per cent on an annual basis to about $4.2bn in the quarter.
This unit, which delivered 95 aircraft during the quarter, witnessed a 20.6 per cent drop in operating margin that reflects “abnormal costs and period expenses, including charges for impacts of the war in Ukraine and higher research and development expense”.
Boeing has nearly completed the safe return to service of the 737 MAX and the fleet has flown more than one million flight hours since late 2020. The 737 production rate continues to increase and is expected to rise to 31 planes per month during the second quarter.
Commercial Airplanes backlog included nearly 4,200 planes valued at $291bn.
While the first quarter brought new challenges for the industry, Mr Calhoun said he was “proud of our team and the steady progress we are making towards our key commitments”.
"We increased 737 MAX production and deliveries and made important progress on the 787 by submitting our certification plan to the FAA [Federal Aviation Administration] … despite the pressures on our defence and commercial development programmes, we remain on track to generate positive cash flow for 2022,” he said.
On the 787, the company said the rework has been completed on the initial jets and it continues to work closely with the FAA on when deliveries will be resumed.
“The programme is producing at a very low rate and will continue to do so until deliveries resume, with an expected gradual return to five per month over time. The company continues to anticipate 787 abnormal costs of approximately $2bn, with most being incurred by the end of 2023,” Boeing said.
Revenue from defence, space and security decreased 24 per cent to nearly $5.5bn in the first quarter.
The Chicago-based company’s research and development spending increased by more than 26 per cent in the quarter to $633m, Boeing said.
Boeing’s global services unit’s first-quarter revenue increased to $4.3bn, up 15 per cent compared to the previous year's period. During the quarter, the unit secured a fuel-saving digital solutions contract for Etihad Airways' 787 fleet and was awarded a contract for KC-135 horizontal stabilisers from the US Air Force.
Boeing is focused on improving performance as it works through certification requirements and finishing key programmes that will lead to the emergence of new technology and products, Mr Calhoun said.
“Leading with safety and quality, we are taking the right actions to drive stability throughout our operations, deliver on our commitments to customers and position Boeing for a sustainable future," he said.
Who is Mohammed Al Halbousi?
The new speaker of Iraq’s parliament Mohammed Al Halbousi is the youngest person ever to serve in the role.
The 37-year-old was born in Al Garmah in Anbar and studied civil engineering in Baghdad before going into business. His development company Al Hadeed undertook reconstruction contracts rebuilding parts of Fallujah’s infrastructure.
He entered parliament in 2014 and served as a member of the human rights and finance committees until 2017. In August last year he was appointed governor of Anbar, a role in which he has struggled to secure funding to provide services in the war-damaged province and to secure the withdrawal of Shia militias. He relinquished the post when he was sworn in as a member of parliament on September 3.
He is a member of the Al Hal Sunni-based political party and the Sunni-led Coalition of Iraqi Forces, which is Iraq’s largest Sunni alliance with 37 seats from the May 12 election.
He maintains good relations with former Prime Minister Nouri Al Maliki’s State of Law Coaliton, Hadi Al Amiri’s Badr Organisation and Iranian officials.
COMPANY%20PROFILE
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COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
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Zodi%20%26%20Tehu%3A%20Princes%20Of%20The%20Desert
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EEric%20Barbier%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EYoussef%20Hajdi%2C%20Nadia%20Benzakour%2C%20Yasser%20Drief%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
Mohammed bin Zayed Majlis
Frankenstein in Baghdad
Ahmed Saadawi
Penguin Press
Global state-owned investor ranking by size
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1.
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
UAE currency: the story behind the money in your pockets
Pros%20and%20cons%20of%20BNPL
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Russia's Muslim Heartlands
Dominic Rubin, Oxford
Cases of coronavirus in the GCC as of March 15
Saudi Arabia – 103 infected, 0 dead, 1 recovered
UAE – 86 infected, 0 dead, 23 recovered
Bahrain – 210 infected, 0 dead, 44 recovered
Kuwait – 104 infected, 0 dead, 5 recovered
Qatar – 337 infected, 0 dead, 4 recovered
Oman – 19 infected, 0 dead, 9 recovered
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Coffee: black death or elixir of life?
It is among the greatest health debates of our time; splashed across newspapers with contradicting headlines - is coffee good for you or not?
Depending on what you read, it is either a cancer-causing, sleep-depriving, stomach ulcer-inducing black death or the secret to long life, cutting the chance of stroke, diabetes and cancer.
The latest research - a study of 8,412 people across the UK who each underwent an MRI heart scan - is intended to put to bed (caffeine allowing) conflicting reports of the pros and cons of consumption.
The study, funded by the British Heart Foundation, contradicted previous findings that it stiffens arteries, putting pressure on the heart and increasing the likelihood of a heart attack or stroke, leading to warnings to cut down.
Numerous studies have recognised the benefits of coffee in cutting oral and esophageal cancer, the risk of a stroke and cirrhosis of the liver.
The benefits are often linked to biologically active compounds including caffeine, flavonoids, lignans, and other polyphenols, which benefit the body. These and othetr coffee compounds regulate genes involved in DNA repair, have anti-inflammatory properties and are associated with lower risk of insulin resistance, which is linked to type-2 diabetes.
But as doctors warn, too much of anything is inadvisable. The British Heart Foundation found the heaviest coffee drinkers in the study were most likely to be men who smoked and drank alcohol regularly.
Excessive amounts of coffee also unsettle the stomach causing or contributing to stomach ulcers. It also stains the teeth over time, hampers absorption of minerals and vitamins like zinc and iron.
It also raises blood pressure, which is largely problematic for people with existing conditions.
So the heaviest drinkers of the black stuff - some in the study had up to 25 cups per day - may want to rein it in.
Rory Reynolds
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