Boeing Co. today reported a fourth-quarter loss after taking a $3.5 billion pretax charge related to costs to fix its troubled 787 Dreamliner program.
Chicago-based Boeing posted a net loss of $4.2 billion, or $7.02 a share, for the final quarter of 2021. That was an improvement from a loss of $8.4 billion, or $14.65, for the same period a year earlier. In 2020, Boeing coped with order cancelations as COVID-19 slammed demand for air travel.Boeing said its “core” loss, a figure watched by financial analysts, totaled $7.69 a share for the quarter, down from $15.25 a year earlier.Revenue for the quarter slipped 3 percent from a year earlier to $14.8 billion.
The company has paused deliveries of the 787 Dreamliner because of production issues.
“As you know, we are progressing through a comprehensive effort to ensure every airplane in our production system conforms to our exacting specifications,” CEO David Calhoun said in a message to employees. “This effort continues to impact our deliveries and our financial results – but we are fully confident it is the right thing to do.”
The executive added, “I view the financial impacts of this work as a long-term investment.”
Boeing results reflected improvements in its commercial aircraft business. The company has gotten the 737 Max back into service in most regions. Two fatal crashes had caused regulators to ground the aircraft.
The company delivered 99 commercial aircraft for the quarter, up from 59 in 2020’s final quarter.
For all of 2021, Boeing reported a loss of $4.3 billion, or $7.15 a share compared with a loss of $11.9 billion, or $20.88, in 2020. Revenue for the year rose 7 percent compared with 2020 to $62.3 billion.
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