Boeing Posts Losses Amid Low Deliveries, Air Force One Costs

[beijingwalker]

Boeing Posts Losses Amid Low Deliveries, Air Force One Costs​

by Anna Fleck,
Oct 26, 2023

Boeing reported net losses of $2.2 billion in the first nine months of 2023 on Wednesday, as it posted its latest Q3 earnings report.

The U.S. aircraft producer has amended its projected number of 737/MAX deliveries this year from a range of 400-450 of the aircraft down to 375-400. At the same time, Boeing has lost money on the retrofitting of two 747-8 Air Force One jets. According to reports, the company has now lost more than $2 billion on the planes, amid supplier issues and delays.

According to data published by Macrotrends, Boeing has made annual net losses for the past five years. The initial downturn came in the wake of two fatal 737 Max crashes in 2018 and 2019. That model was subsequently grounded worldwide and manufacturing of the plane slowed as the company attended to its various flaws. In a sharp decline from their $10.5 billion net income in 2018, Boeing’s annual earnings report shared that the company lost $640 million in 2019. This marked the first annual loss for the company in over two decades.

The coronavirus pandemic then led to a slump in the travel and aviation industry, with 2020 seeing Boeing post $11.87 billion in net losses. The company has seen a slow pace of recovery in the years since.

Infographic: Boeing Posts Losses Amid Low Deliveries, Air Force One Costs

This chart shows the annual net income of Boeing for a given year (in billions).

www.statista.com

 

[Enigma SIG]

Napak Army says this is because of Imran Khan and only Nawaz Sharif can take Boeing to new heights.

 

[StraightEdge]

Most likely Xi-Biden summit will include China buying some Boeing jets and US lifting tariffs on goods. In any case, C919 will completely replace Boeing/Airbus by end of this decade.

 

[StraightEdge]

Most likely Xi-Biden summit will include China buying some Boeing jets and US lifting tariffs on goods. In any case, C919 will completely replace Boeing/Airbus by end of this decade.

Looks like I was right again, they should hire me as a consultant.

China Weighs Ending Freeze on Boeing With 737 Max Deal in US

Boeing Co. may finally see a sales breakthrough for its 737 Max aircraft in China when presidents Joe Biden and Xi Jinping meet this week, ending a long commercial freeze in a critical overseas market for the US planemaker.

www.bloomberg.com

 

[Stranagor]

Dubai Order Frenzy​

Emirates Airline, the world's largest operator of Boeing 777 aircraft, announced a $52 billion order Monday for 95 of Boeing's widebody jets. The order includes 55 Boeing 777-9s, 35 777-8 jets and five 787 planes, bringing Emirates' total 777x order backlog to 205 planes and its 787 backlog to 35 jets, respectively. Emirates currently has nearly 150 777 jets in its fleet, according to Boeing.

The airline ordered 202 GE9X engines to power the additional 777X aircraft. Emirates expects the first 777-9 to join the fleet in 2025 from its previous order for 115 units. The additional jets from Monday's order should arrive in 2035. Emirates expects deliveries for the 777-8 in 2030.

Meanwhile, Flydubai announced a plan to purchase 30 Boeing 787-9 Dreamliners, marking the first order for widebody aircraft. The airline currently operates a fleet of 79 aircraft made up entirely of 737s, with an order backlog of 137 Boeing 737s. Flydubai plans to use the 787s to open new routes and increase capacity on its existing offerings.

SunExpress, a joint venture between Turkish Airlines and Lufthansa, committed to purchasing up to 90 Boeing 737 aircraft, according to a Monday announcement. The SunExpress agreement includes an order for 28 737-8s, 17 737-10 models and an option to purchase up to 45 additional 737 MAX planes.


SunExpress previously ordered 42 737-8 aircraft, with nine already delivered.

Dow giant Boeing forecasts widebody airplanes will comprise 20% of its deliveries to Middle East airlines over the next two decades, giving the territory the highest regional percentage worldwide.

Meanwhile, rival Airbus (EADSY) secured an order for 30 additional A220-300 aircraft from airBaltic. The order increases the airline's total order book to 80 jets and makes the Latvian airline the largest A220-300 customer in Europe.

Boeing Stock Soars On Dubai Orders, China Commitment Rumors

Dow Jones jet maker secures big deals in Dubai. China rumored to end order freeze.

www.investors.com