STRATFORD — Many business owners see Stratford as a business-friendly town.
It is one of the more affordable communities in Fairfield County, which is a benefit for the town, according to Economic Development Director Mary Dean. Stratford also has access to transportation, with the train station downtown and its easy access to Interstate 95.
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With mortgage rates rising and inventory opening up, many experts believe that the red-hot pandemic housing market has peaked. That has homeowners considering selling while prices are still sky-high and renting until the market cools so they can buy once again at a more reasonable price and pocket the difference.
It’s a great plan — as long as you can sell high and rent low at the same time.
“I advise any home seller not to cash out of their current home unless they have a better, more right-sized, profitable and best-life home or apartment lined up to buy or rent next,” said Baron Christopher Hanson of Coldwell Banker Realty. “In other words, selling for a high price and then having to turn around and buy or rent at an even higher price or unfavorable rate is not a good idea.”
The trick is to sell in a hot market and rent in a cooler one nearby.
“The best markets to sell a home and then rent are typically bustling and in-demand job market cities and high tourism or waterfront towns whereby more affordable or rural rental housing exists several miles outside of the sexy city center,” Hanson said.
When it comes to places where sellers are holding all the cards, expert after expert who spoke with GOBankingRates mentioned Arizona in general and Phoenix specifically.
“The greater Phoenix housing market is strong this year,” said Ava Martin, founder of Quality Water Lab. “The typical value of the property in this area has increased by 31% and the prices are expected to rise more in the next 12 months.”
Cristina Cason, real estate investor and co-founder of Texas Family Homebuyers, is more emphatic in her opinion of the situation in the Southwest.
“The Phoenix, Arizona, market is a hot mess right now,” Cason said. “More than 50% of houses sold above the listing price. The average increase in selling price was about 33%. On the other hand, the rental market has fared much better. The rental price has stabilized, and it makes more sense to sell your house and rent.”
As Hanson said, the best markets to sell and rent will be pricey metropolitan hubs with in-demand job markets, a description that fits the Bay Area perfectly.
“If you live in San Jose, California, you should look to sell your house and rent until the market cools down,” said John Riedl, CEO of Easy Cash Offer Florida. “As of 2021, the average home sale price in San Jose exceeds the $1 million mark. This is an opportunity too good to turn down, even if you weren’t initially planning to move.
“The real estate market in the city is very hot at the moment due to the after-effects of the pandemic, and you don’t know how long it will last, so now’s the time to act. You’re probably going to make a profit of over 30% if you act fast.”
Then, of course, there’s the city after which the Bay Area is named.
“San Francisco is one market where you should consider selling your house and renting until the market cools down,” said Tim Schroeder, licensed Realtor and owner of Learning Real Estate. “The massive imbalance between supply and demand in the city has caused housing prices to soar. Currently, the average sale price is over $800,000, so it’s an excellent opportunity for homeowners to make their move. The ROI will be incredible. You can rent until the market cools down, then buy again at the right time. You’ll be left with a significant profit this way.”
In Sin City, one key metric shows just how out of balance the seller’s market has become — and if you can sell high there, Nevada offers plenty of low-cost places to rent nearby.
“In Las Vegas back in February, inventory was at 0.7 months,” said Jennifer A. Chiongbian, real estate broker and founder of ProRealEstateWriter.com. “For March, it was at two months. A balanced market has six to seven months’ worth of inventory. Selling your home now and renting makes sense to take advantage of the tight market and higher prices, which will eventually correct.”
The big city on the far end of Western Pennsylvania — which has plenty of nearby low-cost towns for renters — is currently offering sellers a golden opportunity. But not for long.
“In the Pittsburgh market, sellers have a brief window right now to benefit from the heavily weighted and somewhat inflated seller’s market,” said JoAnn Echtler, a Pittsburgh real estate agent. “With interest rates ticking up almost weekly, we are already seeing signs of a drop-off in buyers, especially in the lower price points.”
With money getting more expensive to borrow, buyers can’t afford as much home and simply won’t be able to put in offers above asking price, as they still are now.
“This could mean a substantial drop in cash-out equity for the seller,” Echtler said, “enough that selling now and taking on a short-term lease — which is still affordable in this market — makes sense. I’ve had quite a few sellers choose this path in the past year.”
More From GOBankingRates
Funding is surging for life sciences real estate development.
Breakthrough Properties, a joint venture of Tishman Speyer and Bellco Capital, announced today that it closed $3 billion in direct capital and co-investments, to scale a global portfolio for early-, mid- and late-stage life sciences companies. The Breakthrough Life Science Property Fund finances the JV’s ongoing developments, which are in various stages of design, construction and pre-development, and fuels new development opportunities throughout the United States and Europe.
The fund was raised from a group of institutional investors, sovereign wealth funds and high net worth individuals spanning four continents. Excluding recapitalizations, it is the largest real estate fund dedicated exclusively to the life sciences sector, according to CBRE and JLL research.
CBRE estimates $25 billion in equity will be deployed into health care real estate this year due to the overwhelming bullish sentiment in its most recent investor survey, along with the resiliency of the sector during the pandemic and persistent demand. Indeed, Breakthrough’s funding announcement comes shortly after Blackstone announced its inaugural royalty and structured credit-focused life sciences fund, called Blackstone Life Sciences Yield, at $1.6 billion.
Through a range of campus developments, lab conversions and StudioLabs, and a proprietary flex lab program, Los Angeles-based Breakthrough said it provides a range of property types for the life sciences sector, from venture-backed discovery companies to established big pharma anchors.
“There is an acute and accelerating need for well located, cutting-edge lab space,” Tishman Speyer CEO and Breakthrough co-Chairman Rob Speyer said in a statement. “The Breakthrough Life Science Property Fund can enable us to deliver more of these projects across the U.S. and Europe.”
Breakthrough was founded in 2019 and has become one of the most active players in the life sciences sector with 4.6 million square feet of projects in the pipeline across San Diego, Boston/Cambridge and Philadelphia, as well as Amsterdam, Oxford and Cambridge in Europe.
Breakthrough’s rapidly growing portfolio includes The 105 in Boston, which is fully leased to CRISPR Therapeutics and will open later this year. In 2021, Breakthrough broke ground on its 515,000-square-foot Torrey View development, a 10-acre research and development campus in San Diego that signed a major pre-lease with the biosciences arm of global medical technology company Becton, Dickinson and Company. Its Torrey Plaza campus, an office-to-lab conversion, is leased to a range of innovative companies, including Tandem Diabetes Care, Janux Therapeutics and Protego Biopharma.
Gregory Cornfield can be reached at firstname.lastname@example.org.
GEOINT 2022: NATO is mulling a new, and somewhat surprising, effort to directly buy imagery from commercial providers in a move that industry sources say appears to have irked the US spy satellite agencies that have traditionally filled that role. Interested companies have until the close of business today to respond to NATO’s request for information (RFI).
Alliance member nations, too, have been asked to identify “emerging and/or existing” remote sensing capabilities that could help NATO’s military command produce “imagery intelligence,” or IMINT. IMINT is provided primarily by satellites, as well as by aerial photography.
The US is the largest operator of military intelligence, surveillance and reconnaissance (ISR) satellites, and is outwardly supportive of the effort, which an IC official said could improve NATO’s production of geospatial intelligence (GEOINT) products.
“We want NATO to produce timely, relevant, and trusted GEOINT that can be easily shared with the Alliance, and we work with NATO towards that end,” Melissa Planert, deputy director for international affairs at the National Geospatial-Intelligence Agency (NGA), said in an email.
“NGA’s position is that we also strongly recommend NATO seek diverse imagery sources, products and services from across the Alliance and from commercial vendors,” she added. “A diverse selection of imagery and analysis providers will only benefit GEOINT contributions to NATO intelligence requirements, and strengthen NATO policymakers’ understanding of the complex security situation.”
NGA is responsible — in its role as GEOINT functional manager and a combat-support agency for the Defense Department — for providing imagery and ISR analytics to military commanders, including at NATO. NGA collects satellite imagery from the National Reconnaissance Office and US and selected foreign commercial providers.
In fact, one NGA official told Breaking Defense that the NATO RFI was spurred by concerns from allied military officials that budget cuts to the agency might affect their ability to receive timely US imagery and support.
But despite Planert’s assurances, industry sources said they’ve felt the US Intelligence Community is much less receptive to the idea of NATO using its collective budget to acquire commercial imagery and analytical services.
One industry official said that for NGA and NRO, “it’s all about control” of the information.
Exploratory First Step
The RFI was issued last month [PDF] by Headquarters Supreme Allied Commander Transformation (HQ SACT), based in Norfolk, Va. SACT is one of only two NATO strategic commands, and is responsible for research, development and acquisition of new technology. French Gen. Philippe Lavigne was appointed as commander this past September.
A SACT spokesperson told Breaking Defense in an email that the RFI doesn’t represent a formal bidding process, rather is a first information-gathering step.
“The purpose of this RFI is to involve industry/academia and Nations, through collaboration, in an examination of current and future capabilities. This is the exploratory phase of the process and does not represent a commitment to acquire any such services,” the spokesperson wrote. “NATO looks forward to working with industry/academia and Nations to ascertain if they possess prospective products, systems or sub-systems that will then help inform NATO’s capability development decision-making process.”
It is unclear that if a decision is made to institute a formal procurement whether it would be the first time NATO has sought to collectively purchase its own IMINT.
The SACT spokesperson said that the NATO commands have worked with commercial imagery providers in the past during exercises. Further, Allied Command Transformation (ACT) “regularly works with nations and industry to identify prospective products that would support capability development in various fields.” However, the spokesperson was unable to confirm by press time whether there had ever been a formal acquisition program.
NATO only in 2019 declared space a legitimate operational domain, and in January this year finally released a first-ever alliance space policy. That policy calls on allies to voluntarily ensure compatibility among their national space assets, while pledging members to develop collective requirements and the means of fulfilling them — including the use of commercial capabilities.
Alliance commanders do have access to remote sensing imagery provided by member states. However, besides the US, only a handful of the 29 allied nations operate remote sensing satellites, military or commercial. According to a study [PDF] by CNA’s China Aerospace Studies Institute, US allies own or operate only a total of 69 remote sensing sats. Germany operates the most, with 16 birds. By contrast, US national security and commercial operators have more than 500.
Thus, the US is the primary provider of space-based ISR to NATO — although there have historically been problems with sharing images and analysis based on data from uber-classified spy-sats. This is one reason why there has been a public push by top military commanders to declassify space capabilities.
Indeed, in the run up to Russia’s invasion of Ukraine, it took a decision by President Joe Biden himself to release imagery of the conflict from US spy satellites, Ronald Moultrie, DoD undersecretary for intelligence and security, told the USGIF GEOINT 2022 symposium near Denver this week. This includes pushing US commercial firms to provide Ukraine’s government, and release to the global public, their own imagery of Russian military actions, which have reportedly included human rights violations.
“That decision was not taken lightly,” he said. Rather, it was a “gutsy decision to say: ‘We are going to disclose some of the most insensitive, sensitive intelligence that we have, but it’s important enough for us to do.’”
Mixed Messages From The IC?
A number of industry sources told Breaking Defense in the run up to and during the GEOINT conference that IC officials were resistant to the concept of NATO using its collective funds to buy commercial imagery, rather than simply rely upon that provided by NGA/NRO and other NATO members. These sources said that IC officials were instead pushing NATO not to move ahead with a formal acquisition.
“NRO wants everything to go through them,” one company rep said bluntly.
Industry sources said that in early discussions they perceived that NGA/NRO officials were trying to discourage them from responding to the RFI. However, in a recent weekly phone call between commercial providers and NGA officials, these sources said, the agency was actually encouraging. And while company representatives were reluctant to say on the record whether their firm had responded to the RFI, suffice to say there is a lot of interest.
“If allies are asking for solutions, industry would be dumb not to answer,” the industry rep said.
One NGA official privately confirmed the recent phone call, and suggested to Breaking Defense that there must have been a breakdown in communications regarding NATO’s request.
Planert, for her part, said the agency is on board with US firms making a pitch. “Industry should certainly consider supporting NATO’s request, in line with established licenses, agreements, and compliance requirement,” she said in her email.
That said, it remains unclear whether NGA or NRO themselves intend to respond directly to the NATO RFI.
In response to questions from Breaking Defense during a press briefing at GEOINT on Monday, Vice Adm. Robert Sharp, outgoing NGA director, said his agency “is responding to and working closely with NATO” everyday, noting that NGA has personnel embedded with “international partners.” But he indicated that NGA had not directly answered the RFI’s call.
“When you say RFI, I wouldn’t necessarily say it’s an RFI. It’s knowing needs, knowing requirements, right, which drives how you collect what you collect where you collect it. So, that’s a cooperative process from us,” he said.
NRO’s head of commercial operations, Pete Muend, would not address the question directly when asked by Breaking Defense at a separate GEOINT press briefing.
“I’ve certainly read the RFI, as many of us have across the community, but I’d have to defer you to NGA, and others across the community, in terms of how they would want to respond,” he said.
Researchers are off base when they claim the rate Medicare pays hospitals and health systems for services is an appropriate benchmark for commercial insurance rates. This approach ignores limitations that nearly always result in underpayments and lets commercial health insurers off the hook for intentionally increasing costs and failing to pass on savings to consumers. It is misguided and wrongly paints hospitals as the source of all problems in the health care system.
Here are a few facts:
#1. Medicare reimbursement rates do not cover the actual cost of the care provided.
This is widely acknowledged and clearly backed up by the data. According to AHA survey data, Medicare paid 84 cents for every dollar spent by hospitals caring for Medicare patients in 2020.1 This resulted in $75.6 billion in underpayments for Medicare services in 2020. Even the Medicare Payment Advisory Commission (MedPAC) recognizes that Medicare underpays.2 For example, MedPAC found that in 2020, hospitals and health systems experienced a -8.5% margin on Medicare services in 2020. MedPAC projects that this margin will fall to -9% in 2022, and it declined even further when excluding COVID relief funds.3 Put simply, Medicare rates are set too low to serve as a reasonable benchmark for commercial plans. Holding them up as an appropriate benchmark for commercial rates threatens access to care and puts more hospitals at risk of closure.
#2. Medicare rates are slow to respond to inflation, supply shortages and increases costs for staff.
Medicare payment rates are established in rulemaking. Once finalized, they are in place for a year before they can be updated. Due to data lags, payment rate changes are typically made based on older data.4 For example, Medicare rates for fiscal year 2022 were not adjusted for recent increases in inflation, supply costs, and growth in labor costs due to shortages, which has added significant financial pressure for hospitals. In fact, given the arcane nature of Medicare rate setting, CMS’ recently proposed inpatient payments for 2023 would be lower than inpatient payments made in 2022. This is nonsensical given rising inflation and a continued a public health emergency.
#3. Medicare rates are subject to political pressure
As policymakers attempt to balance the federal budget, they frequently rely on steep Medicare rate reductions to make up for budget shortfalls elsewhere. For example, the Budget Control Act of 2011 imposed, among other things, mandatory across-the-board reductions in certain types of federal spending, known as sequestration. The result is an automatic and arbitrary cut to all Medicare payments. Benchmarking commercial claims to Medicare payment rates mean these arbitrary rate cuts would have far-reaching ripple effects for care provided to all patients.
#4. Chronic underpayments threaten the communities hospitals serve.
One-third of hospitals already operate in the red, and the COVID-19 pandemic has only worsened the financial pressures that hospitals face. In 2020, a record number of rural hospitals closed in a single year. Arbitrarily reducing commercial rates will only exacerbate this financial pressure. Ultimately, it will make it that much harder financially for hospitals serving rural and historically underserved communities to keep their doors open or continue providing the same breadth of services.
Hospitals and health systems need to be able to invest in programs that improve care and support the communities they serve. Policymakers should be strengthening payment rates from Medicare, not holding them up as the gold standard. Arbitrary rate cuts that fail to address underlying cost pressures would only hinder hospital and health systems’ ability to serve their communities and be prepared for the next public health emergency.
Benjamin Finder is AHA’s director of policy research and analysis.
With companies rethinking both how and where they work, being a commercial real estate broker today means playing the role of therapist as much as leasing expert. Experienced agents Brian Woolsey and Ben Jensen saw an opportunity to create a new sort of commercial real estate firm—one that prioritizes psychographics over square footage. In late 2020, they left Cushman Wakefield to launch the boutique firm Monarch.
Engaging with Monarch begins by taking a proprietary online survey the duo named the “Belonging Barometer” or B2 for short. Designed to help clients think about work holistically before choosing a space, the B2 assesses a company’s predictable growth, work styles, and technology. The survey factors in average employee attitudes about office work and company culture to make suggestions such as prioritizing access to fitness and evaluating your carbon footprint—which Woolsey and Jensen say is fast becoming an imperative to recruit and retain good talent.
“It’s never been more critical that the office be a magnet, not a mandate,” Woolsey says. “The Belonging Barometer allows us to have a conversation about things that are not as obvious. There’s so much more that goes into creating a successful work environment than square footage and terms.”
Minneapolis-based Monarch’s process persuaded advertising agency Griffin Archer to move from the North Loop to Linden Hills, walking distance to cafes, shops, and salons.
“Since everyone is so used to working at home, we got used to some of those conveniences,” says Ryan Boekelheide, vice president and director of account service. “It’s nice to have those comforts near the office so it’s a place people want to come.”
For education-technology company Arux Software, the Belonging Barometer narrowed the search for a larger space, says Derek Buschow, vice president of growth and strategy. “Monarch considered everything from how close people want to sit to each other to hangout space, a lounge area, and a cafeteria.” Now settled at the 15 Building in downtown Minneapolis, 75% of its 25-person team comes in regularly.
Insights From Monarch’s Belonging Barometer
Amenities aren’t an option. The younger your employee base, the more amenities, like a coffee bar or fitness center, are expected.
Prioritize community. Team building is an important aspect of the office, so consider locations with access to restaurants, bars, and even volunteer opportunities.
Read more from this issue
Environment counts. People spend longer in spaces that make them happy and energized. Plants increase oxygen levels in the air, and access to natural light is shown to improve mood and reduce eyestrain and headaches.
Food for thought. Data shows that providing employees with food is a big bang for the buck; particularly as employees return to the office, gathering for food and drink will become a key part of office culture. Healthy choices help to control energy flow.
HELSINKI — A southern city hosting China’s newest, transformative spaceport is pushing to become a hub for commercial and international space activity.
Wenchang International Aerospace City will accelerate efforts to establish a commercial launch site and rocket assembly plants, according to ThePaper.
The efforts aim to put in place infrastructure to allow regular commercial launches by 2024. The Wenchang International Aerospace City project, established in 2020, will consist of three areas, focusing on launch, commerce and industry, and tourism.
The commercial area seeks to attract space startups and will include rocket and satellite assembly and testing plants and satellite data application centers.
Institutes belonging to China’s main space contractor, CASC, the Chinese Academy of Sciences (CAS) and other state-entities, as well as commercial launch companies iSpace and Deep Blue Aerospace, have signed contracts to establish a presence in the city.
The city, on the island province of Hainan in the South China Sea, already hosts the Wenchang Satellite Launch Center. The coastal spaceport was constructed specifically for launches of large, new-generation launch vehicles to allow China to undertake major space projects.
Rockets are delivered to Wenchang by sea from Tianjin, north China, circumventing railway networks used to transport smaller launch vehicles to inland launch sites.
Wenchang also facilitates launches of the Long March 8 rocket for commercial rideshares, and the Long March 7A. The new launchers could replace aging, toxic hypergolic Long March rockets which drop spent stages over land.
New, dedicated launch towers for the Long March 8 could be constructed to allow greater launch cadence, according to the rocket maker, China Academy of Launch Vehicle Technology.
Wenchang, which is also part of the Hainan Free Trade Port scheme, hosted China’s seventh national “space day” on April 24. During the event Wu Yanhua, deputy director of the China National Space Administration (CNSA), inaugurated an international cooperation center for satellite data and applications, and a data and application center for the BRICS remote sensing satellite constellation.
Chinese precedent and general secretary of the Communist Party of China Xi Jinping visited Wenchang Satellite Launch Center April 12, calling for the site to become a world class spaceport.
“I hope you will vigorously carry forward the spirit of ‘Two Bombs and One Satellite’ and the spirit of manned space program, eye the frontier of global space development to meet the major strategic needs of China’s space industry,” Xi said.
Wenchang is currently preparing a Long March 7 rocket to launch the Tianzhou-4 cargo spacecraft. The mission, expected to launch in early May, would be the first of six launches in 2022 to complete the construction phase of China’s Tiangong space station.
The moves in Wenchang reflect an explosion in Chinese launch plans and space activities. China launched 55 times in 2021, with more than 60 planned this year, including commercial actors. In comparison China made 19 orbital launch attempts in 2015.
China is also developing sea launch capabilities with facilities at Haiyang in the eastern province of Shandong, a new commercial launch site in Ningbo, and new launch complexes at the national Jiuquan Satellite Launch Center.
However, threats to the short-term outlook from inflation, construction costs and rising interest rates were now causing investors to revise their profit expectations, just as the market was witnessing robust growth in multifamily and industrial and reporting a continued recovery in office, retail, and hospitality.
Tina Lichens (pictured), chief operating officer at LightBox who conducted and compiled the report, said her biggest surprise compiling the study was the “frenzy of activity” in the market, even when compared to 2019, which she described as a benchmark year.
“We’ve never seen this kind of activity in terms of properties coming on to the market. It’s insane. And it’s all asset classes all across the US,” she said.
Asked why the sector was so buoyant, she said: “There are always going to be opportunities. Our debt professionals and mortgage broker clients are telling us that because there’s so much liquidity in the market, there are many more debt funds out there and more financing options than ever before.”
Despite the evident growth, doubts were now emerging inside the CRE space in response to inflationary pressures, with experts foreseeing lower profit margins compared to last year. The report also noted that despite the fact there was significant capital allocated to the CRE sector, there was limited availability of assets in certain sub sectors, such as industrial.
CAPE GIRARDEAU, Mo. (KFVS) – An open house and tour will showcase vacant downtown property in Cape Girardeau.
Old Town Cape will host the Downtown Commercial Property Open House on Thursday, April 28 from 5 p.m. to 7 p.m.
According to the group, those interested in starting a business or buying commercial property downtown can explore the vacant properties that are available for purchase or lease.
Participating properties include:
- 101 William
- 20 Main
- 32 N. Main
- 122 N. Main
- 124 N. Main
- 539 N. Main
- 406 N. Main
- Adjacent to 406 N. Main
- 122 S. Spanish
- 510 Broadway
- 620 Good Hope St.
The event is free and open to the public. No registration is required.
Copyright 2022 KFVS. All rights reserved.
A Boeing Co. Dreamliner 787 plane with AirEuropa livery moves past the company’s final assembly facility in North Charleston, South Carolina, U.S., on Tuesday, Dec. 6, 2016.
Travis Dove | Bloomberg | Getty Images
Boeing reported a wider adjusted quarterly loss and lower revenue than analysts expected as the company faced higher costs on both commercial and defense aircraft and charges tied to the war in Ukraine.
The manufacturer said it will pause production of its 777X plane, which has not yet been certified by U.S. regulators, through 2023, a plan the company says will create $1.5 billion in abnormal costs starting in the second quarter.
Boeing also doesn’t expect deliveries of the plane to start until 2025, more than a year later than it previously forecast. Its shares shed 7.5% Wednesday to $154.46, a more than 16-month low.
Boeing has enjoyed a resurgence in demand for its 737 Max plane, which returned to service in late 2020 after two fatal crashes. But production problems and certification delays have hampered other aircraft programs.
“Through our first-quarter results, you’ll see we still have more work to do; but I remain encouraged with our trajectory, and we are on track to generate positive cash flow for 2022,” Boeing CEO David Calhoun said in a note to employees Wednesday. “We are a long-cycle business, and the success of our efforts will be measured over years and decades; not quarters.”
Boeing said it submitted its Dreamliner certification plan to the Federal Aviation Administration, a step toward getting regulators to sign off on resuming deliveries of the wide-body jets. Those handovers to customers have been suspended for most of the last 18 months, and buyers like American Airlines said they scaled back some international flying in response.
The company posted a net loss of $1.2 billion in the first quarter, wider than the $561 million loss it posted a year earlier. Revenue of $13.99 billion fell 8% from the first quarter of 2021 and short of analysts’ estimates.
The company recorded a host of charges, including $212 million pretax tied to the Ukraine war. It also reported a $660 million charge on delays and higher costs for the Air Force One program and $367 million on the T-7A Red Hawk program.
“Air Force One, I’m just going to call a very unique moment, a very unique negotiation, a very unique set of risks that Boeing probably shouldn’t have taken,” Calhoun said during the analyst call Wednesday. “But we are where we are, and we’re going to deliver great airplanes. And we’re going to recognize the costs associated with it.”
Here’s how Boeing performed in the first quarter compared with analysts’ estimates compiled by Refinitiv:
- Adjusted results: A core loss of $2.75 a share vs. an expected loss of 27 cents a share.
- Revenue: $13.99 billion vs. $16.02 billion, expected.
The company said it’s ramping up 737 Max output to 31 a month in the second quarter. It delivered 95 planes in the first quarter, up from 77 in the same period last year, but revenue in its commercial aircraft unit fell 3% from last year to $4.16 billion as 787 Dreamliner deliveries remained halted.
Boeing reported negative operating cash flow for the quarter, but still expects to be cash flow positive in 2022.
Shares of Boeing are down more than 23% so far this year through Wednesday’s close, outpacing the S&P 500‘s 12.2% drop.