Financial Services Association, May 24 (Editor Niu Zhanlin) On Thursday EST,$Boeing (BA.US)$Plans to generate positive cash flow this year were cancelled, and it was stated that the second quarter would continue to burn a lot of money, and delivery volume would not increase. By the close of the US stock market, Boeing's stock price had plummeted by more than 7%.

At the Wolf Global Transportation and Industry Conference, Boeing Chief Financial Officer Brian West said that cash consumption in the second quarter is expected to be worse than in the first quarter. Boeing spent nearly 4 billion US dollars in the first quarter, and free cash flow in 2024 will be negative.

West also warned a few weeks ago that Boeing would experience a “chaotic” situation in the second quarter, but the reality is that the company's recovery prospects are bleaker than expected. Boeing's recent aircraft delivery to China has been delayed, further worsening the company's plight and worsening its financial situation.

Since the beginning of this year, Boeing aircraft accidents have continued, causing it to fall into serious crisis. A series of incidents revealed quality and safety flaws in Boeing aircraft and led to the departure of its chairman, CEO, and head of commercial department, causing Boeing to be criticized by regulators, legislators, and airlines.

West said in April that as deliveries increase again, the company will generate billions of dollars in free cash flow throughout the year. He also predicted that cash consumption would “gradually improve” in the second quarter.

By Thursday, West claimed that commercial aircraft deliveries would not increase in the second quarter compared to the first quarter of this year, adding that “we are leaving customers frustrated and disappointed” due to supply chain and production issues.

Due to its financial difficulties, Moody's Ratings has downgraded the company's credit rating to the brink of junk.

Federal Aviation Administration (FAA) Michael Whittaker said in an interview on Thursday that Boeing still has a long way to go in improving its safety culture and manufacturing processes. According to reports, the company's mission is to submit a 90-day plan to the Federal Aviation Administration at the end of this month to resolve quality issues at its factory.

Additionally, the US Department of Justice plans to decide whether to sue Boeing before July 7, after the Department of Justice determined that the aircraft manufacturer had breached its obligations under the 2021 agreement, which exempted it from criminal prosecution in the fatal crashes of the 2018 and 2019 737 MAX.

On Tuesday, a Singapore Airlines Boeing airliner was hit by one of the worst turbulence accidents in history. As a result of the accident, 1 person died and dozens were injured. Of these, more than 20 had spinal injuries. Currently, they are still being treated in intensive care units. Some patients have shown signs of paralysis, but it is unclear whether this damage is permanent.

Editor/jayden