Boeing reported a Q1 loss of $641 million, as the company faces both the coronavirus pandemic and the continued 737 Max grounding.
Boeing is facing a dismal market for new planes with coronavirus and shelter-in-place orders keeping travelers off airplanes.Boeing's airline customers have said they expect to shrink because of the pandemic's impact on demand.
An employee works near a Boeing 737 Max aircraft at Boeing's 737 Max production facility in Renton, Washington, U.S. December 16, 2019.reported a first-quarter loss of $641 million before the market opened on Wednesday, as the company faces both coronavirus and the more than yearlong grounding of its best-selling plane, the 737 Max.Wall Street expected the aircraft manufacturer to post a per-share loss of $1.61 and revenue of $17.
Boeing is facing a dismal market for new planes as air travel demand plunges as the pandemic and measures to stop it from spreading keep travelers home. Air travel in the U.S. is down 95% from a year ago. Boeing's CEO Dave Calhoun told shareholders on Monday it likely would take to 2019 levels, a sharp turnaround for an industry that just earlier this year was betting on continued growth.The grim outlook comes as Boeing is already grappling with the fallout of two crashes of its 737 Max that killed 346 people. The planes are still grounded more than a year after they were ordered out of the skies by federal regulators. Boeing is still working on a fix. Meanwhile,The company will hold an analyst call at 10:30 a.m.
Boeing has recently drawn down on a nearly $14 billion loan and sought $60 billion in government aid for itself and its supply chain, which includes
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