Sunday, March 7, 2021

COVID-19: Boeing declares $12bn loss in 2020


tiamin rice

As COVID-19 effects take its toll on various sectors of the economy, Boeing has released its 2020 results, recording a loss of almost $12 billion.

According to a report from the wire service, in the fourth quarter alone, the company recorded a loss of $8.4 billion.

Nevertheless, CEO Dave Calhoun said the company is confident about the future.

Revenue over the year was $58.2 billion, down 24% from the previous year.

The fourth quarter revenue was just $15.3 billion, but down just 15% compared with the 2019 Q4 figures.

Over the year, the operating cash flow for Boeing was negative $18.4 billion, with operating margins standing at negative 22%.

CEO Dave Calhoun stated just how tough of a year it had been for the planemaker:

“2020 was a year of profound societal and global disruption which significantly constrained our industry.

“The deep impact of the pandemic on commercial air travel, coupled with the 737 MAX grounding, challenged our results.

“I am proud of the resilience and dedication our global team demonstrated in this environment as we strengthened our safety processes, adapted to our market and supported our customers, suppliers, communities and each other.”

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