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Boeing reports its first loss in two decades

Boeing has reported its first annual loss in additional than 20 years because the 737 Max crisis continues to hit the firm.

The planemaker was forced to ground the aircraft, which had been its trade book , in March last year after two deadly crashes that killed 346 people.

Now it’s said that it expects the bill for the grounding to surpass $18bn (£13.8bn).

That has hurt the firm’s finances, pushing it to a $636m loss for 2019.

Sales were worse than expected within the final three months of last year when the planemaker booked $17.9bn in revenues.

That was much less than $21.7bn that had been expected by analysts.

“We recognize we’ve tons of labor to try to to ,” said Boeing’s newly-appointed boss David Calhoun.

No rebrand
He replaced Dennis Muilenburg who was fired late last year following his handling of the crisis at the corporate .

“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,” said Mr Calhoun.

The cost of 737 Max crisis was thought to possess reached around $9bn but Wednesday’s announcement suggests the ultimate bill might be quite double that.

The return to service of the 737 Max has been repeatedly delayed. And last week, Boeing said it didn’t expect the fleet to return to the skies before the summer.

Boeing has been performing on fixes to undertake to urge the 737 Max planes copy and running.

And in an interview with CNBC, Mr Calhoun said he expected the firm would meet deadlines set by regulators.

Meanwhile, he said that – despite the 2 fatal crashes – he didn’t decide to rebrand the 737 Max.

The company had a complete backlog in orders worth $464.4bn.

Boeing’s share price climbed on Wednesday, soaring by quite 4%

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