Author: Jamie Bennet|| Date Published: April 27, 2023
Higher sales from commercial airplanes and the defense, space and security business contributed to Boeing’s (NYSE: BA) $17.9 billion revenue for the first quarter of 2023.
The company on Wednesday published its quarterly performance, which reflected a 28 percent increase in revenue compared to the same period last year.
Boeing’s commercial airplane deliveries rose from 95 units in Q1 2022 to 130 units in Q1 2023, yielding $6.7 billion. The aerospace and defense company intends to ramp up production to 38 737 airplanes per month to reach this year’s goal of delivering 400 to 450 units.
Its defense, space and security division raked in $6.5 billion for the period, 19 percent higher than its Q1 2022 revenue. Meanwhile, the company’s global services business, which added a converted freighter line in India for 737-800 aircraft models, posted sales of $4.7 billion in the first three months of 2023.
The Arlington, Virginia-based contractor retained its financial outlook, forecasting operating cash flow at $4.5 billion to $6.5 billion for Q1 2024.
“We are progressing through recent supply chain disruptions but remain confident in the goals we set for this year, as well as for the longer term,” Boeing President and CEO Dave Calhoun said.
“Demand is strong across our key markets and we are growing investments to advance our development programs and innovate strategic capabilities for our customers and for our future.”
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