Boeing shares fell 4% on Wednesday morning trading after a record net loss that topped $11.9 billion in 2020, according to the company’s press release. The net loss was worsened by a $6.5 billion charge in the fourth quarter following the postponement of 777X plane deliveries to late 2023.
- Boeing’s fourth quarter revenue dropped 15% year over year to $15.3 billion, better than the expected $15.07 billion.
- The company’s net loss during the fourth quarter increased to $8.4 billion, from $1.01 billion the same quarter of 2019.
- Boeing lost a whopping $15.25 a share in the fourth quarter, more than the forecasted loss of $1.80 per share.
- The planemaker booked a $468 million write-down against “abnormal production costs” on the 737 Max program.
- Revenue in the commercial airplanes unit fell 37% in the fourth quarter from a year earlier to $4.73 billion.
- Sales in defense, space, and security business rose 14% in the fourth quarter to $6.78 billion, offsetting the losses.
- Boeing attributes the net losses to the impact of the pandemic on commercial air travel and 737 Max grounding.
Boeing stock is currently declining. BA: NYSE is down 3.03%
