Daily Management Review

Boeing ends 2020 with a record $12bn loss


US aerospace corporation Boeing presented its financial statements for the fourth quarter and 2020 as a whole.

The company's revenues fell 24% to $58.2bn last year, with a net loss of $11.9bn compared to a net loss of $636m a year earlier.

In addition, Boeing announced another postponement of the start of deliveries of its new 777X aircraft. The start of its production has been postponed several times already: initially it was supposed to start last year, now it's the end of 2023. 

On the whole, deliveries of Boeing aircraft last year decreased 59%, down to 157 aircraft, the corporation spent $18.4 bln. Shares of the company dropped 4% after the publication of financial statements.

Boeing's problems began before the pandemic, after the 737 MAX was suspended in spring 2019 and then added to the overall negative impact on the aviation industry of the COVID-19 pandemic. 

Now operations are resuming, with the 737 MAX beginning commercial operations in the US in late December and the EU Aviation Safety Agency today allowing the aircraft to fly.

source: bloomberg.com