The Boeing 737 Max aircraft prepares to land after a test flight in Seattle, Washington, on September 30, 2020.

Mike Siegel | The Seattle Times | Bloomberg via Getty Images

Boeing reported a record net loss of over $ 11.9 billion in 2020 – results that worsened after the debut of its 777X aircraft was released through late 2023. A fee of $ 6.5 billion was levied on this large-scale program in the fourth quarter Coronavirus pandemic hurt demand.

Boeing’s shares fell more than 4% in premarket trading.

Here are the numbers:

  • EPS: With a loss of $ 15.25 per share, it’s immediately unclear whether that compares to a loss of $ 1.80 per share, which is in line with Refinitiv’s consensus estimates.
  • Revenue: $ 15.30 billion versus $ 15.07 billion expected according to Refinitiv estimates

Boeing’s fourth quarter revenue declined 15% year over year to $ 15.3 billion, above analysts’ forecast for revenue of $ 15.07 billion. The company’s net loss rose to $ 8.4 billion from $ 1.01 billion in the fourth quarter of 2019.

The company will outline its prospects for a rebound in another challenging year for aviation as new travel restrictions and coronavirus infections curb already depressed demand for flights.

“The profound impact of COVID-19 on commercial air travel and the 737 MAX grounding are reflected in our performance,” CEO Dave Calhoun said in a statement to employees on Wednesday.

Boeing aircraft deliveries fell to their lowest level in decades, and cancellations hit records last year as the 737 Max continued to expand after two fatal accidents and a slump in travel requirement due to the pandemic.

Boeing executives will discuss their findings with analysts on a 10:30 AM ET call.

The Chicago-based aircraft manufacturer is trying to turn a page after two crashes of its 737 Max that killed all 346 on board. The US aviation authorities cleared the best-selling aircraft for re-flight in November, allowing Boeing to begin shipping around 400 new jets that were manufactured at its Seattle facility but could not be handed over to customers. Customers. American Airlines, United Airlines, Alaska Airlines, Aeromexico and Brazil’s Gol are among the airlines that have received Max Jets so far.

Deliveries are vital to Boeing as airlines pay most of the aircraft price.

Investors also want to know Boeing’s outlook for wide-body aircraft. The production of its 787 Dreamliner aircraft, jets used for international long-haul aircraft, has already been discontinued. This type of travel has been hardest hit by the pandemic.

Dave Calhoun, Boeing CEO, forecast in April that travel demand will not return to 2019 levels for two to three years.

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