Australia markets close in 4 hours 22 minutes
  • ALL ORDS

    7,055.40
    +40.40 (+0.58%)
     
  • ASX 200

    6,782.00
    +39.40 (+0.58%)
     
  • AUD/USD

    0.7714
    +0.0019 (+0.24%)
     
  • OIL

    53.10
    +0.12 (+0.23%)
     
  • GOLD

    1,841.60
    +1.40 (+0.08%)
     
  • BTC-AUD

    46,939.64
    +481.27 (+1.04%)
     
  • CMC Crypto 200

    717.92
    +2.72 (+0.38%)
     
  • AUD/EUR

    0.6351
    +0.0011 (+0.17%)
     
  • AUD/NZD

    1.0818
    +0.0010 (+0.10%)
     
  • NZX 50

    12,939.75
    +58.44 (+0.45%)
     
  • NASDAQ

    12,996.54
    +192.60 (+1.50%)
     
  • FTSE

    6,712.95
    -7.70 (-0.11%)
     
  • Dow Jones

    30,930.52
    +116.26 (+0.38%)
     
  • DAX

    13,815.06
    -33.29 (-0.24%)
     
  • Hang Seng

    29,642.28
    +779.51 (+2.70%)
     
  • NIKKEI 225

    28,655.43
    +21.97 (+0.08%)
     

Boeing reports steep drop in 2020 deliveries, backlog

·1-min read
Boeing reported a big drop in 2020 deliveries and a reduced backlog in orders as it contended with dual 737 MAX and Covid-19 crises

Boeing on Tuesday reported a plunge in annual plane deliveries and a diminished order backlog as it contended with dual crises caused by the 737 MAX grounding and the travel industry downturn brought about by Covid-19.

The aerospace giant, which has cut tens of thousands of jobs amid the struggles, delivered just 157 planes last year, down 59 percent from 2019.

The company's backlog at the end of 2020 stood at 4,223, down from nearly 5,900 planes at the end of 2018, when the airline industry was still in growth mode prior to Covid-19 and the MAX was still flying.

Airlines in 2020 canceled 641 orders for the MAX, which was cleared later that year to resume flights in the United States and some other markets following a 20-month grounding after two fatal crashes.

"Through the global pandemic, we took meaningful steps to adapt to our new market, transform our business and deliver for our commercial, defense, space and services customers in 2020," said Boeing Chief Financial Officer Greg Smith, who called regulatory approval of the MAX to resume service as a "key milestone."

"In 2021, we'll continue taking the right actions to enhance our safety culture, preserve liquidity and transform our business for the future," Smith said.

jmb/cs