Boeing’s financial results continue to be significantly impacted by the 737 MAX grounding, reporting Q4/19 revenue of $17.9 billion and full-year revenue of $76.6 billion.
Its total backlog of $463 billion, including over 5,400 commercial airplanes.
Boeing Capital reported full-year revenue of $244 million, down 10.9% from $274 million in 2018. Full-year earnings were $28 million, down 64.6% from $79 million year over year.
At quarter-end, Boeing Capital’s net portfolio balance was $2.3 billion. Revenue in other unallocated items and eliminations decreased primarily due to the timing of eliminations for intercompany aircraft deliveries.
“We recognize we have a lot of work to do,” said Boeing President and Chief Executive Officer David Calhoun. “We are focused on returning the 737 MAX to service safely and restoring the long-standing trust that the Boeing brand represents with the flying public. We are committed to transparency and excellence in everything we do. Safety will underwrite every decision, every action and every step we take as we move forward. Fortunately, the strength of our overall Boeing portfolio of businesses provides the financial liquidity to follow a thorough and
disciplined recovery process.”
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One Reply to “Boeing Reports First Loss in Over 20 Years”
Congratulations to Tim Myers and his team for generating a profit in a year when Big Boeing messed the bed with the MAX disaster.
As for The Boeing Company, the next time the board thinks about electing a cost cutter like Muilenburg to lead the company, they need to take a deep breath, think and then elect someone that knows how to run a business.
Allowing him to resign and giving Muilenburg an $80 million parting gift adds insult to injury. Only a slimeball would have accepted that after what he did to the company and its reputation. Muilenburg should have been fired for cause and left Boeing with as little as possible.