Boeing Co BA shares are trading lower Wednesday after the company reported financial results that were down year-over-year.

Boeing said first-quarter revenue totaled $13.99 billion, which was down from $15.22 billion year-over-year. The revenue decline was driven by lower defense volume and charges on fixed-price defense development programs, partially offset by commercial services volume.

Boeing reported a quarterly earnings loss of $2.75 per share, which was down from a loss of $1.53 per share in the first quarter of 2021.

“Despite the pressures on our defense and commercial development programs, we remain on track to generate positive cash flow for 2022,” said Dave Calhoun, president and CEO of Boeing.

Boeing also announced that it will pause 777-9 production through 2023. Delivery of the first 777-9 airplane is now expected in 2025.

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BA 52-Week Range: $166.85 – $258.39

According to data from Benzinga Pro, the stock was down 4.03% at $160.30 at press time.

Photo: courtesy of Boeing.