Earnings Preview: Boeing's Dismal 2020 Is Finally Over
The COVID-19 pandemic crushed many businesses last year. But few major corporations will be more eager to put 2020 in the rearview mirror than Boeing (NYSE: BA).
The combination of the 737 MAX grounding, the pandemic, and a variety of production miscues related to the 787 Dreamliner caused Boeing to burn $15.4 billion of cash in the first nine months of 2020. Its struggles continued last quarter, notwithstanding the recertification of the 737 MAX in November. Boeing is scheduled to report the gory details on Thursday morning.
Earlier this month, Boeing reported that it delivered 59 commercial jets in the fourth quarter. On the one hand, this represents its highest quarterly delivery total of the year. On the other hand, it's a terrible result by any objective standard. In the fourth quarter of 2018 -- Boeing's last full quarter prior to the 737 MAX grounding -- the aerospace giant delivered 238 commercial jets. And despite the pandemic, Airbus managed to deliver 225 commercial jets last quarter.
Source Fool.com
