Boeing posts first annual loss in more than two decades as 737 Max costs near $19bn – The National

Boeing posts first annual loss in more than two decades as 737 Max costs near $19bn – The National

The plane maker has struggled to recover from its biggest crisis in the company's history. Boeing swung to its first annual loss since 1997 as 737 Max costs doubled to nearly $19 billion (Dh69.79bn), and the plane manufacturer indicated it would again cut production of its bigger 787 Dreamliner aircraft, currently its main source of cash.. I can't market [the 737 Max] or merchandise it or hang banners on it or change the name of it.. Boeing shares were 1.2 per cent higher, as some analysts had expected an even larger charge for 737 Max costs.. Boeing had initially targeted 737 Max approval in 2019.. Boeing had estimated a $9.2bn price tag for the Max fallout in the third quarter.. Boeing is also the target of a US criminal investigation into matters related to the 737 Max.. Boeing's core operating loss was $2.53bn, or $2.33 per share, compared with a profit of $3.87bn, or $5.48 per share, a year earlier.. Boeing reported negative free cash flow of $2.67bn for the fourth quarter ended December 31, compared with a positive free cash flow of $2.45bn a year earlier.. The Max charges include $8.3bn to compensate airline customers that are cancelling flights