Boeing (NYSE:BA) reported a record net loss that topped $11.9 billion in 2020 — results that worsened after it pushed out the debut of its 777X plane to late 2023, taking a $6.5-billion charge in the fourth quarter against that wide-body program as the coronavirus pandemic hurt demand.
Boeing’s fourth quarter revenue dropped 15% from a year ago to $15.3 billion, better than analysts’ forecasts for $15.07 billion in sales. The company’s net loss widened to $8.4 billion from a $1.01 billion in the fourth quarter of 2019.
The company will outline its prospects for a recovery in what’s shaping up to be another challenging year for aviation as new travel restrictions and coronavirus infections curb already depressed demand for flights.
"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," CEO Dave Calhoun said in the earnings release.
Revenue in the commercial airplanes unit fell 37% in the fourth quarter from a year earlier to $4.73 billion.
Boeing’s aircraft deliveries plunged to the lowest in decades and cancellations hit records last year as the extended grounding of its 737 Max after two fatal crashes and a collapse in travel demand from the pandemic.
Sales in its increasingly-important defense, space and security business helped offset some of the weakness, rising 14% in the fourth quarter to $6.78 billion.
BA shares slumped $9.07, or 4.5%, to $192.99
