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Boeing reports US$11.9 billion loss for 2020

Friday, January 29, 2021

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Boeing has reported a net loss of US$11.9 billion for financial 2020, or a GAAP loss per share of $20.88, as the full toll of the COVID-19 becomes clear. The figure is down from a profit of US$636 million last year, which was itself impacted by the grounding of the Boeing 737 Max following two fatal crashes. The company reported revenue of US$58.1 billion for the year, down 24 per cent on the US$76.5 billion recorded in 2019.


Fourth-quarter revenues stood at $15.3 billion, reflecting lower commercial deliveries and services volume primarily due to COVID-19 as well as 787 production issues. The Boeing 737 Max has now returned to operation in the United States and several other markets. Since approval from the FAA to return to operations late last year, Boeing has delivered over 40 737 Max aircraft and five airlines have safely returned their fleets to service as of January 25. In total, the carriers have flown more than 2,700 revenue flights and approximately 5,500 flight hours.

Dave Calhoun, Chief Executive, Boeing said in a statement that last year was a year of profound societal and global disruption which significantly constrained the industry. He mentioned that the deep impact of the pandemic on commercial air travel, coupled with the 737 Max grounding, challenged the results of the airline. He shared that the while the impact of COVID-19 presented continued challenges for commercial aerospace into 2021, the company remains confident in the future, squarely-focused on safety, quality and transparency as it works towards rebuilding trust and transform the business.


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