Boeing posts USD 3.8 billion loss, has lost more than USD 35 billion since fatal crashes in 2019

Washington, Jan 28 (AP) Boeing posted a fourth-quarter loss of USD 3.8 billion on Tuesday as a machinists strike and other problems continued to plague the troubled aircraft manufacturer.

Boeing has lost more than USD 35 billion since 2019 following the crashes of two then-new Max jets that killed 346 people.

The numbers Boeing released are in line with what the company pre-reported last week, including nearly USD 3 billion worth of charges in the period due to the labour stoppage, job cuts and problems with a number of government programmes.

Boeing's loss per share was USD 5.46 per share, well above the USD 3.08 loss that Wall Street analysts expected, according to the data firm FactSet.

The fourth quarter caps a rough year for Boeing. A strike by the machinists who assemble the best-selling 737 Max, along with the 777 jet and the 767 cargo plane at factories in Renton and Everett, Washington, halted production at those facilities and hampered Boeing's delivery capability.

The walkout ended after more than seven weeks when the company agreed to pay raises and improved benefits. (AP) PY PY

Source: PTI