Boeing Posts $754 Million Third Quarter Loss

By Paul Riegler on 28 October 2020
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A Boeing 787 Dreamliner in Dallas

Boeing announced financial results for third quarter of 2020.

The company announced a non-GAAP loss of $754 million versus $895 million profit in Q3 2019 on revenue of $14.1 billion, a 29% decline from $19.98 billion in the same period in 2019.

“The global pandemic continued to add pressure to our business this quarter, and we’re aligning to this new reality by closely managing our liquidity and transforming our enterprise to be sharper, more resilient and more sustainable for the long term,” said the company’s CEO, Dave Calhoun.  “Despite the near-term headwinds, we remain confident in our long term future.”

The Chicago-based plane manufacturer said it is preparing for a long slump in air travel and aircraft demand amidst the coronavirus pandemic and that its results continue to be impacted by the grounding of the beleaguered 737 Max aircraft.

As a result, the company said it plans to slash thousands more jobs on top of the 10% job cut it announced earlier in the year.  It aims to reduce its staff from the current 160,000 to 130,000 by the end of next year.

(Photo: Accura Media Group)

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