By Dhirendra Tripathi
Investing.com – Boeing (NYSE:BA) shares fell 1.4% in premarket trading Wednesday after the company reported a drop in revenue and a near-stagnant order book.
It said the 737 program is currently producing at a low rate. It said it continues to make effort to put more of its 737 MAX planes back in the sky after regulators lifted their ban early this year.
Two accidents in 2018 and 2019 forced authorities to ground the narrow body 737 MAX, which was at the time Boeing's biggest money maker in a booming market for narrow body planes.
Boeing's total backlog came at $364 billion, and was little changed from $363 billion at the end of March 2020 even as as the company announced several order wins during the quarter.
Orders for commercial planes included 100 units of 737 aircraft from Southwest Airlines (NYSE:LUV), 25 of the same aircraft from United Airlines Holdings Inc (NASDAQ:UAL) and 23 from Alaska Airlines.
Boeing revenue fell 10% from a year ago, to $15.21 billion. It recorded a net loss of $561 million for the quarter, down from the loss of $641 million in the same period last year.