Boeing’s $3.7 Billion Cash Burn Signals Long Way to Recovery
- ‘It’s still pretty bleak’ but not a big surprise, analyst says
- Losses mount on company’s high-profile Air Force One contract
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Boeing Co. burned through $3.68 billion in the first quarter as the planemaker grappled with manufacturing flaws on its marquee 787 Dreamliner and new cost overruns on a high-profile military contract: the next Air Force One jets.
While Chief Executive Officer Dave Calhoun sees 2021 as an “inflection point” in the company’s turnaround from the coronavirus pandemic and the 737 Max’s grounding, the results made clear that the reeling titan faces a long, slow and uneven recovery.