Boeing reports quarterly losses of $ 2.4 billion and cuts production again

News

Boeing reports quarterly losses of $ 2.4 billion and cuts production again

05.08.2020 News

On Wednesday, Boeing announced the financial results of the 2nd quarter, which ended on June 30.

Boeing Management noted that the company makes “tough, but necessary steps to adapt for a new realities of market.”

Aviation giant is experiencing perhaps the most difficult times in its history, faced with a double crisis. On the one hand, Boeing continues to pay large amount of compensation to airlines whose fleets have been grounded since March 2019 by order of the government passenger Boeing 737 Max. Since the certification process started in late June, the projected resumption of flight 737 Max – the end of autumn 2020.

On the other hand, the airline has faced an unprecedented crisis in the form of a pandemic and a sharp decline in passenger traffic around the world, demand for commercial new aircraft has fallen sharply and airlines have canceled their previous contracts with Boeing.

For the 2nd quarter, Boeing reported a loss per share of $ 4.79, which is $ 2.25 worser than analysts’ estimate of a loss of $ 2.54 per share, nevertheless better than $ 5.82 loss per share in the 2nd quarter of 2019.

The amount of quarterly losses Boeing fell to $ 2.40 billion from $ 2.94 billion a year earlier.

Total revenue decreased 25% to $ 11.8 billion, which is also worse than the average estimate of analysts of $ 13.16 billion.

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