Boeing missed Q4 2020 earnings, but gained on revenue
Boeing reported a quarterly loss per share of $15.25, on revenues of $15.3 billion. The revenue figures came in higher than the $15.07 billion forecasted. As the pandemic hurt traveling and airlines didn’t need new aircrafts, Boeing reported a record net loss of $11.9 billion. In addition, the company had to postpone the debut of 777X plane to late 2023 due to COVID-19.
The commercial airplanes unit reported revenues of $4.73 billion, 37% lower than the figures reported during the same quarter in 2019. Also, deliveries reached the lowest level in decades mostly due to the 737 Max fatal crashes.
On the other hand, the sales reported in the defense, space and security business rose 14% to $6.78 billion.
So far, Boeing didn’t offer any clear guidance given that a recovery is at risk due to the latest traveling restrictions which depressed flights demand.
After the news hit the wires, Boeing stock price fell more than 3%. Since the beginning of the year, its shares lost 5%.
Sources: investing.com, cnbc.com
