BoeingThe adjusted loss was larger and revenue was lower than expected. The company had to face higher prices on commercial and military aircraft than the analysts anticipated.

Boeing announced that it would suspend production of the 777X plane. It hasn’t been officially certified by U.S. regulators yet. Boeing has also said that it doesn’t believe deliveries of its 777X plane will start before 2025. This is more than one year earlier than previously anticipated.

Boeing shares dropped more than 2% after the release of Wednesday’s results.

This is how Boeing did in the first quarter, compared to analysts’ estimates by Refinitiv.

• Adjusted results: A core loss of $2.75 a share vs. an expected loss of 27 cents a share.
• Revenue: Expected: $13.99 Billion vs. $16.02 Billion

Boeing’s 737 Max aircraft has seen a resurgence of interest after its two fatal accidents. However, other plane programs are being held back by certification delays and production difficulties.

In a Wednesday note, Boeing CEO David Calhoun stated that “through our first quarter results, you will see we still need to do more; however, I remain optimistic with our trajectory and we are on course to generate positive cashflow for 2022.” Our success will not be measured in quarters, but over many years. We’re a long-cycle company.

According to the company, it is increasing 737 Max production to 31 per month by quarter two. It shipped 95 planes during its first quarter, an increase of 77 in comparison to the previous year.

Boeing posted negative operating cash flows for its quarter but expects cashflow to increase in 2022.

Boeing shares fell 17% through Tuesday’s close this year, surpassing expectations. S&P 500‘s 12.4% drop.

At 10:30 AM, the manufacturer’s top executives will call analysts. ET.

This is news breaking. Stay tuned for new updates.