Boeing Reports | Further Losses In 2nd Quarter
CHICAGO: Boeing has posted a net loss of US$2.4 billion for the second quarter primarily reflecting the impacts of Covid-19 and the 737 MAX grounding.
The aviation manufacturer saw second-quarter revenue total US$11.8 billion, down from US$15.7 billion during the same period last year.
“We remained focused on the health of our employees and communities while proactively taking action to navigate the unprecedented commercial market impacts from the Covid-19 pandemic,” said Boeing chief executive, Dave Calhoun.
“We are working closely with our customers, suppliers and global partners to manage the challenges to our industry, bridge to recovery and rebuild to be stronger on the other side.”
In the second quarter, Boeing restarted production operations across key sites following temporary pauses to protect its workforce and introduce rigorous new health and safety procedures.
The company also resumed early stages of production on the 737 program – though at a slower rate than previously envisaged.
Boeing confirmed it would gradually increase manufacturing of its 737 Max to 31 a month by the beginning of 2022, compared with earlier plans to do so next year.
“The diversity of our balanced portfolio and our government services, defence and space programs provide some critical stability for us in the near-term as we take tough but necessary steps to adapt for new market realities,” Calhoun said.
“We are taking the right action to ensure we’re well positioned for the future by strengthening our culture, improving transparency, rebuilding trust and transforming our business to become a better, more sustainable Boeing.
“Air travel has always proven to be resilient – and so has Boeing.”