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.
“Last year was a year of profound societal and global disruption which significantly constrained our industry. ADVERTISEMENT“The deep impact of the pandemic on commercial air travel, coupled with the 737 Max grounding, challenged our results,” said Boeing chief executive, Dave Calhoun.
“While the impact of Covid-19 presents continued challenges for commercial aerospace into 2021, we remain confident in our future, squarely-focused on safety, quality and transparency as we rebuild trust and transform our business.”
The Boeing 737 Max has now returned to operation in the United States and several other markets.
Since approval form 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 25th.
In total, the carriers have flown more than 2,700 revenue flights and approximately 5,500 flight hours.
Half of pilots grounded by Covid-19 travel slump