Boeing reports first full-year loss in over 20 years

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U.S. top aircraft manufacturer Boeing Wednesday said it lost US$636 million in net earnings for fiscal 2019, the first full-year loss in more than 20 years due to the negative impacts of the 737 MAX crisis.


Its fourth-quarter financial results report showed Boeing earned quarterly revenue of 17.9 billion dollars, with generally accepted accounting principles (GAAP) loss per share of 1.79 dollars.


The company also suffered a net loss of 1.01 billion dollars in the fourth quarter of fiscal 2019 as a result of a drastic fall of 37 percent in revenue.


Boeing admitted it was still grappling with the significant impact of the global grounding of 737 MAX jets in the wake of two separate crashes of two aircraft of the same make that killed 346 people in less than six months.


"We recognize we have a lot of work to do," said Boeing President and Chief Executive Officer David Calhoun.


"We are focused on returning the 737 MAX to service safely and restoring the long-standing trust that the Boeing brand represents with the flying public," he added.


The annual loss registered last year came in stark contrast to its profit of US$10.46 billion in 2018.


Boeing reported a total backlog of US$463 billion for 2019, including over 5,400 commercial airplanes.


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