NEW YORK: Boeing lost money for the sixth consecutive quarter, but said Wednesday a rebound was within sight with the return of the 737 MAX to service and widespread Covid-19 vaccines.
The aerospace giant, which has been in crisis mode since March 2019 when regulators grounded the MAX for 20 months following two deadly crashes, reported a $537 million loss in the first quarter, in the red once again on weakness in commercial aviation.
“While the global pandemic continues to challenge the overall market environment, we view 2021 as a key inflection point for our industry as vaccine distribution accelerates and we work together across government and industry to help enable a robust recovery,” Boeing Chief Executive Dave Calhoun said in a press release.
The aerospace giant, which sealed major contracts with airlines for the 737 MAX in the first three months of the year, pointed to lower deliveries of its larger 787 “Dreamliner” planes as a drag in the quarter.
Boeing resumed deliveries on the 787 in March following a suspension last fall to address production problems. But lower Dreamliner deliveries were a factor in the 10 percent drop in revenues to $15.2 billion compared with the year-ago period.
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