May 23 (Reuters) – Boeing (BA.N), opens new tab will burn rather than generate cash in 2024 and deliveries will not increase in the second quarter, the company’s finance chief said on Thursday, as the U.S. planemaker grapples with a crisis that is pinching production of its strongest-selling aircraft.
CFO Brian West told the Wolfe Research Global Transportation and Industrials Conference that he expects Boeing’s full-year free cash flow to be negative, due partly to the delays in deliveries, compared with March’s outlook for positive cash generation in the low single-digit billions.
The remarks on the negative cash flow caused Boeing’s shares to fall 7.6% to close at $172.21 on Thursday. The comments add to the company’s problems as production challenges and delayed deliveries to China have weakened a modest 2024 outlook upheld by Boeing just weeks earlier.
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