Boeing reported earnings this morning, throwing the kitchen sink into a $641M loss, for the first quarter of 2020 with negative cash flow, burning through $4.3B. The silver lining in the announcement seems to be the Seattle company’s assurance that continued funding is available via the private capital markets, although some type of government involvement is still possible.
Earnings per share were -$1.70 on revenue of $16.91B.
The bad news has been nonstop with the grounding of the 737 Max, the nationwide lockdown which destroyed global travel short-term, and the Chinese coronavirus pandemic. Commercial aircraft order cancellations have been relentless and this has caused a headcount reduction of 10% across the company.
The stock is moving higher on the news, gaining over 4% at time of writing this article. Seeking Alpha put out a good report on the prospects for Boeing as an investment below:
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