Boeing posts full year of loss of $636 million amid 737 MAX settlebacks

Boeing today reported its first annual loss in more than two decades. The company reported a $1.0 billion loss in the fourth-quarter and a loss of $636 million for all of 2019, its first full-year loss since 1997.
Boeing’s 737 MAX has been grounded since March after two crashes killed 346 people. The crashes led to investigations of the company’s safety practices.
Newly-installed Chief Executive David Calhoun vowed to turn the company around: “We recognise we have a lot of work to do”, he said, and added: “We are committed to transparency and excellence in everything we do”.
The company’s revenues in the fourth quarter jumped 36.8% to $17.9 billion, while revenues for all of 2019 dropped 24.3%to $76.6 billion. The crisis resulted in halting of the production of the MAX until the crisis is resolved.
“We are focused on returning the 737 MAX to service safely and restoring the long-standing trust that the Boeing brand represents with the flying public. Safety will underwrite every decision, every action and every step we take as we move forward”, Calhoun promised.