1/29/2020, 1:32 PM (Source: TeleTrader)
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Boeing posts loss per share of $1.79 amid 737 MAX scandal

The Boeing Company's loss per share was $1.79 in the fourth quarter year-on-year, as the figure plummeted from earnings per share of $5.93 in the last quarter of 2018. Meanwhile, the firm's net loss came in at $1.01 billion which compares to net income of $3.4 billion in the final three months of 2018. Revenues dropped 37% to $17.9 billion in the fourth quarter year-on-year.

In the full-year 2019, Boeing saw a loss per share of $1.12 after earning $17.85 per share in 2018. The company's loss per share came in at $636 million as the figure dropped from $10.5 billion a year earlier. Meanwhile, revenues in 2019 fell by 24% year-on-year to $76.6 billion.

CEO David Calhoun stated: "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." Recently, reports said that Boeing was granted a $12 billion loan to respond to financial losses caused by the grounding of the entire global fleet of the 737 MAX.

Boeing shares increased 1.23% following the publication of the earnings report.

Breaking the News / VP