Boeing said its loss per share for the quarter came in at $1.70, exceeding the expected loss of $1.60. The company reported a profit of $3.16 during the same period in 2019.
Revenue came in at $16.9 billion, missing estimates of $17.306 billion.
"The COVID-19 pandemic is affecting every aspect of our business, including airline customer demand, production continuity and supply chain stability," said CEO David Calhoun in the earnings release.
Despite noting its cash flow exceeded $4 billion in the first quarter, Boeing expressed confidence in its ability to maintain short-term liquidity. The company is taking measures including reducing operating costs and discretionary spending, extending pause on share buybacks, suspending its dividend, reducing R&D expenditures and eliminating CEO pay for the year.
Due to a drop in demand because of the coronavirus pandemic, Boeing is reducing production of some of its commercial planes. Boeing plans to resume 737 Max production at low rates in 2020 and plans to lower monthly production counts of the 787 and 777/777X.
In a letter to employees, Boeing also announced planned layoffs of 10% of its total workforce, including voluntary, natural turnover and involuntary layoffs. The deepest headcount cuts are expected to occur in the commercial airplanes and services businesses.
"While COVID-19 is adding unprecedented pressure to our business, we remain confident in our long-term future," Calhoun said.