Boeing losses

Citing problems with Dreamliner deliveries Boeing has reported a full year loss of $4bn for 2021.  This is against a $14.1bn deficit the manufacturing giant lost in 2020.

The results were hit by $4.5bn in charges during the fourth quarter related to the troubled 787 Dreamliner programme.

Boeing 787 deliveries are expected to remain frozen for months as United States regulators review repairs and inspections over structural flaws in the jets.

David Calhoun, Chief Executive, Boeing, said: “Last year was a rebuilding year for us as we overcame hurdles and reached key milestones across our commercial, defence and services portfolios.

“We increased 737 Max production and deliveries, and safely returned the 737 Max to service in nearly all global markets.

“As the commercial market recovery gained traction, we also generated robust commercial orders, including record freighter sales.

“Demonstrating progress in our overall recovery, we also returned to generating positive cash flow in the fourth quarter”.

Boeing was previously hit with problems surrounding the 737 Max, which was grounded for 20 months starting in 2019 following two fatal crashes.

Demand then plunged for new aircraft because of massive airline losses caused by the Covid-19 pandemic.

Boeing has been unable to deliver the widebody 787 Dreamliner for a year because of the quality control issues.

www.boeing.com

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