2019 results show a tragic and turbulent year for Boeing
Total costs for the grounded 737 MAX will be greater than $18bn as the planemaker reveals its first annual loss since 1997
Chicago — Boeing closed the financial books on a tragic and tumultuous 2019 by revealing that total costs for its grounded 737 MAX will surpass $18bn when the tab for restarting production later this year is included.
The planemaker is taking a $2.6bn pre-tax writedown to compensate airlines for ballooning losses from a global flying ban that’s expected to stretch to midyear. Deferred production costs also grew by $2.6bn, clipping the jet’s long-term profit potential, Boeing said in a presentation on Wednesday. That’s on top of more than $9bn in MAX-related costs already disclosed...