Boeing says total cost for 737 Max will surpass US$18 billion
Boeing says total cost for 737 Max will surpass US$18 billion
Boeing swings to annual loss as 737 MAX costs climb to S$25.9 bln
31 January, 2020, 00:23
Costs related to the global grounding of Boeing's once fast-selling 737 MAX reached $14.6bn in 2019 and the planemaker warned of another $4bn in charges in 2020 due to the expense of freezing and slowly restarting the jets' production.
The aerospace giant reported a $1.0 billion loss in the fourth-quarter and a $636 million loss for all of 2019, the company's first annual loss since 1997.
The jet has been grounded since March after two crashes killed 346 people in Indonesia and Ethiopia.
The quarterly report, which includes figures for the past twelve months, lists that Boeing made losses amounting U.S. $636 million in the whole year of 2019. The annual loss is dramatic compared to Boeing's results a year ago, when it posted a profit of $10.46 billion.
"We recognise we have a lot of work to do", said Boeing chief executive, David Calhoun.
Boeing expects almost $19 billion in costs related to the grounding of its 737 MAX jets, the USA planemaker said on Wednesday while posting a surprise loss and indicating it would cut production of its bigger 787 Dreamliner aircraft.
A hefty charge could push annual results into the red for the first time in more than two decades, capping a disastrous year in which Boeing already lost its crown as the world's biggest plane maker.
Boeing on Wednesday said it was expecting to resume MAX production ahead of a regulatory approval for the jet's return to service by mid-2020. As a comparison, Boeing had posted a profit of $10.46 billion in 2018.
"We are committed to transparency and excellence in everything we do", Calhoun said in a statement.
The company in October had dropped production to 12 a month from 14 due to lower orders from China.
"Safety will underwrite every decision, every action and every step we take as we move forward", he said.
Analysts estimate that Boeing has been losing around $1 billion a month because of the 737 MAX grounding. The new CEO is working to shore up confidence in Boeing, which repeatedly missed estimates for the Max's return past year.
Boeing's results marked a dramatic reversal from a year earlier, when the company surpassed $100 billion in sales for the first time in its history.
The grounding of the MAX dented Boeing's earnings in multiple ways, halting deliveries of new planes to customers, a major source of revenue. Shares of the stock were trading at about $324 after market opened Wednesday. There are more than 600 Boeing suppliers in Canada but the impact on them could not be ascertained by Skies in the immediate aftermath of the conference call.
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