) on Wednesday swung to its first annual loss since 1997 as 737 MAX costs doubled to nearly $19 billion, and the plane manufacturer indicated it would again cut production of its bigger 787 Dreamliner aircraft, currently its main source of cash.
Deliveries of hundreds of jets remain frozen while Boeing updates the flight control system and software to address issues involved in both crashes. The amount does not include potential settlements or damages from more than 100 lawsuits the company faces from victims’ families in both crashes, which together killed 346 people. Boeing is also the target of a U.S. criminal investigation into matters related to the 737 MAX.
Boeing’s core operating loss was $2.53 billion, or $2.33 per share, compared with a profit of $3.87 billion, or $5.48 per share, a year earlier. Boeing had already announced in October plans to lower the production rate for its 787 Dreamliner to 12 per month in late 2020 from 14 and now expects to cut the rate to 10 per month in early 2021, hurting cash flow at a time when its debt is mounting.
The MAX charges include $8.3 billion to compensate airline customers that are canceling flights and scaling back growth plans in a hit to profits while their MAX jets remain grounded.
Another Trump trade war debacle. boing737
Nooo! It's a wonderful plane! 😱
Crashing, killing innocent people and having hacks cover up the reasons behind the crashes has that effect.
Boeing gamabled with peoples lives, and their CEO needs to go to prison.
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Boeing swings to annual loss as 737 MAX costs near $19 billionBoeing Co on Wednesday swung to its first annual loss since 1997 as 737 MAX cost... That tends to happen when your new model drops out of the fucking sky and kills lots of people. 😞 Maybe they’re employing the wrong engineers.
Source: Reuters - 🏆 2. / 97 Read more »
Boeing posts first annual loss in 22 years because of the 737 Max crisisBoeing reported its first annual loss since 1997 as the cost of the 737 Max crisis continued to climb. Over 300 people are dead. Boeing should put the 737 Max out to pasture as a very costly mistake Turbulent times boeing737max Boeing screw them and their lost!!! People lives lost, family shattered, and they want to talk about a stupid human made form of exchange. if only I could, I’d thanos everyone that put money first before human!
Source: cnnbrk - 🏆 393. / 55 Read more »
Boeing CEO says he's confident regulators will sign off on 737 Max by mid-yearBoeing's new CEO, David Calhoun, told CNBC on Wednesday that he's confident that regulators will permit the 737 Max to return to service by the middle of 2020. I wish it could have been clarified in the interview WHY his “stomach turned”...because employees were legitimately concerned about the safety of the new plane or because he was worried about the PR issues the tone of the messages would cause. There was something very telling about his answer to BeckyQuick about when he knew about the IMs. I read body language and his was 'hiding'. He was scared in this interview. One thing about Muilenberg - he never looked scared
Source: CNBC - 🏆 12. / 72 Read more »
'My stomach turned' — Boeing CEO outraged by internal 737 Max messages before deadly crashesBoeing CEO David Calhoun said the messages released earlier this month, in which employees boasted about bullying regulators, were 'unacceptable.' Boeing, earlier this month, said the messages “do not reflect the company we are and need to be, and they are completely unacceptable.” - Since employees make up a company, it is what it is - company with no ethics and should be banned from making aeroplanes
Source: CNBC - 🏆 12. / 72 Read more »
Boeing CEO says he's confident regulators will sign off on 737 Max by midyear“We believe this airplane is safer than the safest airplane flying today,” Boeing CEO Dave Calhoun says about the 737 Max. Except that it’s not and you’ll prob die if you get in one That means all the other planes are quite unsafe 🤔🤔🤔
Source: CNBC - 🏆 12. / 72 Read more »