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Jan. 26 (UPI) -- In announcing its earnings from the final quarter of 2021, Boeing said Wednesday that it took a $3.5 billion charge on its 787 Dreamliner, expects another $2 billion in costs this year and anticipates a slowdown in production. The airplane maker said it has increased deliveries of its 737 Max for the third time since the troubled passenger plane was grounded for two years after a pair of deadly crashes overseas.
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Boeing reported revenues of $14.8 billion in the fourth quarter with an operating cash flow of $700 million. For the year, it gained $62.3 billion in revenue with a negative cash flow of $3.4 billion.
"As you know, we are progressing through a comprehensive effort to ensure every airplane in our production system conforms to our exacting specifications," Boeing President and CEO Dave Calhoun said in a letter to employees Wednesday. "This effort continues to impact our deliveries and our financial results -- but we are fully confident it is the right thing to do."
Calhoun touted the return of the 737 Max the skies and said Boeing booked more than 900 gross commercial orders -- including almost 800 for the 737 family.
The Federal Aviation Administration cleared the 737 Max to fly again in November 2020 after Boeing made software and other changes. The deadly crashes in 2018 and 2019 led to the plane's grounding worldwide in March 2019.
"The 737 MAX is now safely flying in nearly every jurisdiction around the globe and the fleet is performing very well," Calhoun added. "With about 1,600 flights daily and more than 300,000 revenue flights completed since late 2020, the fleet is delivering reliability equal to or better than any fleet flying.
"And with over 800,000 total flight hours since late 2020, the fleet has now flown more flight hours than it had prior to the initial grounding."
