✈Wednesday Morning was not Normal, Boeing CEO Dave Calhoun termed 2020 “a year of profound societal & global disruption, which significantly impacted aviation industry.”
✈The Historic:
Boeing suffered a massive $11.9 billion loss in 2020, largest in it’s history since inception.
✈The Shocker:
Much awaited B777X’s entry into service is delayed till 2023 & its market has vanished for the near future as long-haul international passenger traffic is absconding.
✈The Surprise:
👉$6.5 billion write off on the B777X program was a surprise to everybody.
👉Now, Boeing’s net debt, its total debt against cash on hand grew by $5 billion in the Last quarter of 2020 to $38 billion.
✈The Troubled:
$275 million write-off on Troubled KC-46 tanker program due to production issues including impacts of pandemic.
✈The Penalty:
A $244 million penalty for the criminal conduct plus $500 million reserved as additional compensation to the families of the 346 victims in both MAX crashes.
✈The Ray of Hope:
But, amid Historic bad news, wednesday brought single ray of hope, EASA cleared the MAX to fly European skies again.
Author – Tanmay Palei
Sr. Aircraft Structure Engineer
