As per reports, Boeing (BA) reported a Q4 loss this week, as the coronavirus pandemic and extended 737 MAX grounding hurt figures. Boeing reported a loss of $1.39 per share, lower than Wall Street’s average expectation of a loss of $2.52 per share. Revenue dropped 29% to $14.14 billion but performed better than analysts’ estimate of $13.90 billion. The company’s free cash outflow increased to $5.08 billion in the quarter, from $2.89 billion, a year earlier. Total debts increased to $61 billion, from $19.2 billion.
The COVID-19 pandemic has hit air travel hard, forcing major airlines to the brink of bankruptcy and forcing them to seek government help, defer aircraft deliveries, and cut costs.
Boeing Chief Executive Dave Calhoun also informed the employees in a memo that the company expects to remove some 30,000 jobs through buyouts, attrition, and layoffs by the end of 2021.
Dow 30 component Boeing (NYSE: BA) is the world’s largest aerospace company and leading manufacturer of commercial jetliners and defense, space, and security systems. To learn more about Boeing (BA) and to track its ongoing progress please visit the Vista Partners Boeing (BA) Coverage Page.
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