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Published on Thursday, January 30, 2020

Boeing posts first full-year loss in two decades






Boeing has reported a loss of $636 million in 2019, its first annual loss in more than 20 years.


The loss compares to a $10.46 billion profit it reported in 2018 and reflects the 'impacts of the 737 Max grounding', Boeing said.


The company added it lost $1.01 billion in the fourth quarter of 2019.

The airline now expects the 737 Max crisis, which has resulted in the aircraft being grounded worldwide since March 2019, to cost more than $18 billion.


New CEO David Calhoun said: "We recognise we have a lot of work to do."


He added: "We are focused on returning the 737 Max to service safely and restoring the long-standing trust that the Boeing brand represents with the flying public.


"We are committed to transparency and excellence in everything we do. Safety will underwrite every decision, every action and every step we take as we move forward.


"Fortunately, the strength of our overall Boeing portfolio of businesses provides the financial liquidity to follow a thorough and disciplined recovery process."


 

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