Boeing reports Q4 results with 15 pct decrease in revenue

Source: Xinhua| 2021-01-28 00:01:19|Editor: huaxia

SAN FRANCISCO, Jan. 27 (Xinhua) -- The Boeing Company on Wednesday reported 2020's fourth-quarter revenue of 15.3 billion U.S. dollars, a 15 percent decrease compared to the same period of 2019, reflecting lower commercial deliveries and services volume primarily due to COVID-19 as well as 737 MAX grounding and 787 production issues.

Its GAAP loss per share of 14.65 dollars reflected a 6.5-billion-dollar pre-tax charge on the 777X program and a tax valuation allowance, partially offset by a lower 737 MAX customer considerations charge, the company said.

Boeing's commercial airplanes fourth-quarter revenue decreased to 4.7 billion dollars.

In commercial airplane programs, the company delivered a total of 59 aircraft in the fourth quarter. The year-to-date delivery through Dec. 31, 2020 reached 157, including two 777Fs respectively to China Southern Airlines and China Cargo, and two 737-800 planes to China Eastern Airlines.

Boeing's global services fourth-quarter revenue decreased to 3.7 billion dollars, driven by lower commercial services volume due to COVID-19.

The company's full-year 2020 revenue was 58.2 billion dollars with GAAP loss per share of 20.88 dollars.

Boeing reported a total backlog of 363 billion dollars, including more than 4,000 commercial airplanes.

Since the FAA's approval to return to operations, Boeing has delivered over 40 737 MAX aircraft and five airlines have safely returned their fleets to service as of Jan. 25, 2021, safely flying more than 2,700 revenue flights and approximately 5,500 flight hours, according to the company.

Boeing anticipates that the first 777X delivery will occur in late 2023.

"2020 was a year of profound societal and global disruption which significantly constrained our industry. The deep impact of the pandemic on commercial air travel, coupled with the 737 MAX grounding, challenged our results," said Boeing President and Chief Executive Officer Dave Calhoun. "Our balanced portfolio of diverse defense, space and services programs continues to provide important stability as we lay the foundation for our recovery."

In Boeing's defense, space and security programs, a total of 34 aircraft were delivered in the fourth quarter. The revenue increased to 6.8 billion dollars.

"While the impact of COVID-19 presents continued challenges for commercial aerospace into 2021, we remain confident in our future, squarely-focused on safety, quality and transparency as we rebuild trust and transform our business," Calhoun noted. Enditem