Boeing Reports Record Annual Loss
27 Gennaio 2021 - 2:50PM
Dow Jones News
By Doug Cameron
Boeing Co. reported its biggest-ever annual loss and took a huge
financial hit on its new 777X jetliner, reflecting the pandemic's
worsening toll on the plane maker.
The write-down comes just as the 737 MAX re-enters service and
Boeing tries to recover from a series of botched jetliner and
military programs that more than halved its market value over the
past two years. That was even before the coronavirus pandemic
brought a decadelong boom in aircraft sales to a halt, prompting
the company to shed 31,000 jobs.
The company took a $6.5 billion pretax charge on the 777X to
reflect lower profits over the life of the wide-body plane that is
now expected to enter service in 2023, three years late. Airlines
have shied away from big jets like the 777X as international travel
demand collapsed.
Boeing's fourth-quarter loss lifted its annual deficit to $11.94
billion, with sales for the year slipping 24% to $58.2 billion.
That dropped Boeing to fourth spot by that measure behind Raytheon
Technologies Corp, Lockheed Martin Corp. and Airbus SE.
Chicago-based Boeing didn't provide any financial guidance on
Wednesday. Analysts expect sales to increase this year with the
resumption of 787 deliveries following quality problems that halted
customers taking any new jets since October.
The return of the MAX will also boost revenue. It restarted
deliveries of the MAX in December from a backlog of 450 finished
planes. European regulators on Wednesday approved the aircraft to
resume commercial flights.
Boeing burned through $18.4 billion in cash last year as
aircraft deliveries halved from 2019. It doesn't expect to be cash
flow positive until next year.
Monthly production of the MAX is still expected to spool up to
31 in early 2022, with output of the 787 dropping to five later
this year. Boeing said 787 output remains under review because of
the parlous state of international travel demand amid quarantines
and other restrictions.
Boeing's per-share loss of $14.65 in the latest quarter compared
with the $1.60 consensus among analysts polled by FactSet. It
included a previously announced $744 million charge related to a
$2.5 billion settlement with the Justice Department related to the
MAX that included a fine and additional compensation for crash
victims' families and customers.
The company also took another $275 million charge for the KC-46A
military tanker.
Boeing shares were down almost 4% in premarket trading.
Write to Doug Cameron at doug.cameron@wsj.com
(END) Dow Jones Newswires
January 27, 2021 08:35 ET (13:35 GMT)
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