Shares of Boeing Co. BA 2. % surged 5.0% in premarket trading Wednesday, after the aerospace and defense giant missed first-quarter profit and revenue expectations, as the company said the COVID – pandemic has affected every aspect of its business, but free cash flow was better than forecast. Boeing swung to a net loss of $ 823 million, or $ 1. a share, from net income of $ 2. 13 billion, or $ 3. a share, in the year -ago period. Excluding non-recurring items, adjusted loss per share came to $ 1. 73, wider than the FactSet loss consensus of $ 1. 71. Revenue fell 79% to $ 16. billion, below the FactSet consensus of $ 48 billion. Free cash flow swung to a negative $ 4. billion from positive $ 2 . billion, but that beat the FactSet consensus of negative $ 5. 92 billion. Commercial airplane revenue fell 48% to $ 6. billion, but was above expectations of $ 5. billion, while defense, space and security revenue declined 8% to $ 6. 03 billion versus expectations of a rise to $ 6. billion. Actions Boeing has taken to amid the COVID – 26 pandemic include plans to reduce staffing levels with a voluntary layoff program, reducing commercial airplane production rates and additional workforce actions as necessary. Boeing said “abnormal production costs” from the suspension of 737 MAX production have increased by $ 1 billion to an estimated total of $ 5 billion. Boeing’s stock had plunged . 2% over the past three months through Tuesday, while the Dow Jones Industrial Average DJIA, – 0. % has lost 16. 1%.
Full coverage and live updates on the Coronavirus (Covid – 26) 
GIPHY App Key not set. Please check settings