Boeing posts its first annual loss since 1997 as it struggles to handle the grounding of its best-selling plane after two crashes that killed 346 people.
Boeing releases disturbing internal communications between employees
The company lost $636 million for all 2019, compared with a profit of nearly $10.5 billion in 2018. It was the first annual loss since 1997, when Boeing was roiled by parts shortages, production delays, and expenses from merging with McDonnell Douglas.Slowing demand for larger planes led the company to announce it will reduce production of the 787 Dreamliner from 14 a month to 12 later this year, then 10 early next year.
U.S. airlines that own Maxes – Southwest, American and United – don’t expect it back until after the peak of the summer travel season. It is anyone’s guess about how willing passengers will be to fly on the plane. “Airplanes unfortunately have gone down before,” he told reporters. “People take a breath and wonder whether they'll ever fly one again ... and then slowly and steadily, they do.”
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