Boeing suffers its biggest annual loss since 1997, on mounting 737 MAX costs
) on Wednesday swung to its first annual loss since 1997 as 737 MAX costs approach $19 billion and indicated it would again cut production of its bigger 787 Dreamliner aircraft, currently its main source of cash.
The Chicago-based planemaker has been updating the 737 MAX flight control system and software to address issues believed to have played a role in both crashes. Costs related to the global grounding of Boeing’s once fast-selling 737 MAX reached $14.6 billion in 2019 and the planemaker warned of another $4 billion in charges in 2020 due to the expense of slowly re-starting production.
FILE PHOTO: The Boeing logo is displayed on a screen, at the New York Stock Exchange in New York, U.S., August 7, 2019. REUTERS/Brendan McDermid Boeing reported negative free cash flow of $2.67 billion for the fourth quarter ended Dec. 31, compared with a positive free cash flow of $2.45 billion a year earlier.
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