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 programme 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

Rolls-Royce to develop aviation energy storage technology

Rolls-Royce is entering new aviation markets to pioneer sustainable power and as part of that mission we will be developing energy storage systems (ESS) that will enable aircraft to undertake zero emissions flights of over 100 miles on a

Caverton Helicopters lands air force deal

The Nigerian Air Force has announced that it is going to partner with Caverton Helicopters for the maintenance of rotary-wing aircraft, as well as training of air crews.

Swissport announces new regional manager for Middle East and Africa

As part of a new commercial structure, Swissport has redesigned its market setup and appointed new regional managers across Europe, the Middle East & Africa.

Havelsan partakes in Shield Africa event

Turkey’s Havelsan participated in the Shield Africa event, which was held on 8-11 June in the Ivory Coast to showcase its Land, Naval and Air solutions for the defence and security of the African continent.

Paramount Group Technical Aviation Academy opens in Pretoria

Paramount Aerospace Systems, subsidiary to aerospace and technology company Paramount Group, has announced that its Technical Aviation Academy has strategically re-located to Wonderboom National Airport, adjacent to the

NAS awarded Airport Lounge Tender for New Terminal in Zambia

National Aviation Services and NAC2000 Corporation have been awarded a tender to operate an airport lounge in the new terminal at Kenneth Kaunda International Airport (KKIA) in Lusaka, Zambia.

WDS SK2601090322
See us at
Aviation MENA 2022WDS BT1202090322DAS21_BTAviation Africa 2021 BTOC