Subscribe Free
in Business & Finance

Boeing reports fourth-quarter revenue of $15.3 billion

Posted 27 January 2021 · Add Comment

The Boeing Company has reported fourth-quarter revenue of $15.3 billion, reflecting lower commercial deliveries and services volume primarily due to COVID-19 as well as 787 production issues, partially offset by a lower 737 MAX customer considerations charge in the quarter compared to the same period last year.

Boeing has reported fourth-quarter revenue of $15.3 billion.  Image: The Boeing Company

GAAP loss per share of ($14.65) and core loss per share (non-GAAP) of ($15.25) reflected a $6.5 billion pre-tax charge on the 777X program and a tax valuation allowance, partially offset by a lower 737 MAX customer considerations charge. Boeing recorded operating cash flow of ($4.0) billion.

"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," said Boeing President and chief executive officer Dave Calhoun. "Our balanced portfolio of diverse defence, space and services programmes continues to provide important stability as we lay the foundation for our recovery. 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 return to service of the 737 MAX in the U.S. and several other markets was an important step, and Boeing continues to follow the lead of global regulators and support its customers. Since the FAA's approval to return to operations, Boeing has delivered over 40 737 MAX aircraft and five airlines have safely returned their fleets to service as of January 25, 2021, safely flying more than 2,700 revenue flights and approximately 5,500 flight hours.

Boeing now anticipates that the first 777X delivery will occur in late 2023. This schedule, and the associated financial impact, reflect a number of factors, including an updated assessment of global certification requirements, the company's latest assessment of COVID-19 impacts on market demand, and discussions with its customers with respect to aircraft delivery timing.

Other Stories
Advertisement
Latest News

P7 Aviation adds Boeing B747 Full Flight Simulator

The wide-body aircraft simulator will expand P7 Aviation’s training offering from the current Airbus A320 and Boeing 737 Classic training capability and seeks to support Boeing 747 operators throughout the Middle East, Asia and

Etihad Airways introduces ‘Verified to Fly’ travel document initiative

From 12 May 2021, travellers flying from Abu Dhabi with Etihad Airways will be able to validate their Covid-19 travel documents before arriving at the airport.

Emirates to showcase Premium Economy Seats for the first time at ATM

Emirates will be showcasing its Premium Economy seats for the first time at Arabian Travel Market 2021 (ATM).

Gulf Air offers complimentary COVID-19 travel insurance coverage

Gulf Air will offer complimentary COVID-19 travel insurance coverage to all ticket holders which will include health and quarantine expenses in the unexpected circumstances of being diagnosed with or contracting COVID-19 during

Qatar Airways to participate in St. Petersburg International Economic Forum

Qatar Airways will be one of the leading international companies attending the upcoming St. Petersburg International Economic Forum (SPIEF), scheduled to take place in St. Petersburg, Russia, from 2-5 June.

Airbus resumes work on modernisation of its A320 Family

Airbus has resumed work on the modernisation of its A320 Family industrial capabilities in Toulouse.

WDS SK2601090322
See us at
DAS21_BTAviation Africa 2021 BTOCF.OPEX21 BT270521Aviation MENA 2022World Defence Show 2022