Boeing Posts Losses Amid Low Deliveries, Air Force One Costs

Boeing reported net losses of $2.2 billion in the first nine months of 2023 on Wednesday, as it posted its latest Q3 earnings report.

The U.S. aircraft producer has amended its projected number of 737/MAX deliveries this year from a range of 400-450 of the aircraft down to 375-400. At the same time, Boeing has lost money on the retrofitting of two 747-8 Air Force One jets. According to reports, the company has now lost more than $2 billion on the planes, amid supplier issues and delays.

According to data published by Macrotrends, Boeing has made annual net losses for the past five years. The initial downturn came in the wake of two fatal 737 Max crashes in 2018 and 2019. That model was subsequently grounded worldwide and manufacturing of the plane slowed as the company attended to its various flaws. In a sharp decline from their $10.5 billion net income in 2018, Boeing’s annual earnings report shared that the company lost $640 million in 2019. This marked the first annual loss for the company in over two decades.

The coronavirus pandemic then led to a slump in the travel and aviation industry, with 2020 seeing Boeing post $11.87 billion in net losses. The company has seen a slow pace of recovery in the years since.