Thursday, 27 February, 2020

Boeing supplier Spirit Aerosystems to restart production of 737 Max parts

Comments On The 737 Max by Boeing CEO Was Too Affirmative Explains American Airlines Pilots Boeing Reports Loss Of $636 Million In 2019, First Annual Loss Since 1997
Irene Mckinney | 31 January, 2020, 00:25

The dramatic reversal in fortunes is largely attributed to the grounding of the Boeing 737 Max following two crashes in Ethiopia and Indonesia.

In the company's latest earnings report, investors were relieved that Boeing "only called out $2.6 billion" as it expanded its reserve for payments and order discounts to help Max customers recover losses, Herbert said.

Net losses for the year totalled $636 million, down from a profit of £10.4 billion in 2019.

As The Boeing Company struggles with arguably the worst crisis in its 103-year history, digging out of a financial black hole left by the worldwide grounding of its popular 737 Max series, its new president and chief executive officer, David Calhoun, remains optimistic about recovery.

A hefty charge could push annual results into the red for the first time in more than two decades, capping a disastrous year in which Boeing already lost its crown as the world's biggest plane maker.

On Thursday, the company announced that it reached an agreed-upon production rate with Boeing, though there is not yet a restart date for production. Without any Max deliveries since April, the company is burning through cash, and Boeing confirmed that it is lining up bank commitments for $12 billion in new borrowing. "Were we as transparent as we needed to be when we did find out? No".

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Trump is nearly certain to be acquitted by the Senate, where a two-thirds majority is needed to remove him from office. Adam Schiff (D-Calif.) speaks during the impeachment trial against President Donald Trump in the Senate at the U.S.

Slowing demand for larger planes led the company to announce it will reduce production of the 787 Dreamliner from 14 a month to 12 later this year, then 10 early next year. However, persisting issues, such as the potential short-circuit of the controls of the horizontal stabilizer and onboard flight-control computer problems have delayed the return-to-service of the MAX. "Safety will underwrite every decision, every action and every step we take as we move forward".

Boeing said on Wednesday the changes in the production schedule added $2.6 billion in costs connected to airplane deliveries, plus another $4 billion in "abnormal production costs" primarily in 2020 associated with the suspension of the MAX and a "gradual resumption" of production.

Debt and inventory costs are swelling as mechanics tend to 400 or so newly built jets that can't be delivered until regulators clear the Max to fly. Profits in other business divisions, including space and defense as well as services, couldn't fully make up for Boeing Commercial Airlines' $6.7 billion loss.

Boeing 737 MAX in front of a paint hangar.

Shares traded up about 2.8% just after Wednesday's open, at $325.40 in a 52-week range of $302.72 to $446.01.

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