Boeing posts $1.2 billion loss in Q1, worse than expected

Boeing is reporting a money-losing quarter as both its civilian-airplane division and the defense business are struggling

Boeing said Wednesday that it lost $1.2 billion in the first quarter as it took large write-downs and lost money in both its civilian-airplane and defense businesses.

The loss was bigger than Wall Street had forecast, and the company's quarterly revenue also fell short of expectations. Boeing burned through $3.2 billion in cash.

“Messier quarter than any of us would have liked," CEO David Calhoun acknowledged on CNBC.

Shares of Chicago-based Boeing Co. fell as much as 12.6% after the opening bell Wednesday — to a 52-week low — and were down 7% in midday trading.