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Boeing reports record net loss of almost $12 billion for 2020

Boeing revenues for 2020 were down from 2019 by almost $3 billion, the company said on Wednesday. File Photo by David Silpa/UPI
Boeing revenues for 2020 were down from 2019 by almost $3 billion, the company said on Wednesday. File Photo by David Silpa/UPI | License Photo

Jan. 27 (UPI) -- Planemaker Boeing said Wednesday it saw a significant decline in revenue over the last three months of 2020 -- and a total net loss for the year close to $12 billion, a record.

The company reported $15.3 billion in revenues for the fourth quarter, a decline of almost $3 billion year-to-year.

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For all of 2020, Boeing revenues were $58.1 billion, down from $76.5 billion the previous year.

Boeing also recorded a $6.5 billion charge for postponing its 777X jetliner until late 2023.

"2020 was a year of profound societal and global disruption which significantly constrained our industry," Boeing President and CEO Dave Calhoun said in a statement.

"The deep impact of the pandemic on commercial air travel, coupled with the 737 Max grounding, challenged our results."

American Airlines was the first carrier to start flying the 737 Max after it was recertified by the Federal Aviation Administration. European and Canadian officials started work this month to clear the plane for flight.

"I am proud of the resilience and dedication our global team demonstrated in this environment as we strengthened our safety processes, adapted to our market and supported our customers, suppliers, communities and each other," Calhoun added.

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Boeing said the 777X delay is due to multiple factors, including certification requirements and anticipated market demands affected by COVID-19 restrictions.

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