Today the Boeing Company (NYSE: BA) announced its fourth-quarter financial results for 2019, which continued to be highly impacted by the 737 MAX grounding, following two deadly crashes of the 737 MAX aircraft. Boeing stocks surged on early Wednesday.
While doubling the cost estimate for the 737 MAX grounding and production halt, the Company’s fourth-quarter earnings and revenue underperformed the estimates.
Boeing reported a fourth-quarter revenue of USD 17.9 billion, GAAP loss per share of USD 1.79 and core loss per share (non-GAAP) of USD 2.33. The Company affirmed an operating cash flow of USD 2.2 billion and paid USD 1.2 billion of dividends.
For the full-year of 2019, Boeing revealed a revenue of USD 76.6 billion, GAAP loss per share of USD 1.12 and core (non-GAAP) loss per share of USD 3.47, as well as operating cash flow of USD 2.4 billion. Cash and marketable securities were reported as USD 10 billion.
Further reported the Company a total backlog for 2019 of USD 463 billion, including over 5,400 commercial airplanes.
Boeing President and CEO David Calhoun said: “We recognize we have a lot of work to do.”
“We are focused on returning the 737 MAX to service safely and restoring the long-standing trust that the Boeing brand represents with the flying public. We are committed to transparency and excellence in everything we do. Safety will underwrite every decision, every action and every step we take as we move forward. Fortunately, the strength of our overall Boeing portfolio of businesses provides the financial liquidity to follow a thorough and disciplined recovery process,” continued the Chief Executive Officer.
David Calhoun was appointed as the new Chief Executive Officer of Boeing, replacing the former CEO and President Dennis A. Muilenberg, to get a better hold of the 737 MAX crisis.
The Boeing Company announced last week the goal to get regulator clearance for the 737 MAX comeback in “mid-2020”.