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Pandemic Piles On Already Reeling Boeing, Leading To Nearly $12 Billion Loss In 2020
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Boeing is trying to close the books on a dismal year. The aircraft manufacturer Wednesday reported that the company lost close to $12 billion in 2020, a record loss, as the pandemic depressed demand for new airplanes and the company continued to reel from its 737 Max debacle.
Calling it "a year like no other," Boeing CEO Dave Calhoun started a conference call on the company's 2020 financial results by stating an obvious but painful truth.
"2020 was a historically challenging year for our world, for our industry (and) for our business," Calhoun said.
The $11.9 billion dollar net loss is the largest in the aerospace giant's more than 100-year history and a big part of the reason is the coronavirus pandemic. Air travel demand plummeted amid global travel restrictions and fears of spreading the virus, and Calhoun notes that the number of people flying today is still down nearly 60% from a year ago at this time.

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