Boeing reports US$5.4bil loss on large hit from 777X aircraft delays

Two fatal Boeing crashes in 2018 and 2019 prompted increased scrutiny from the US Federal Aviation Administration over new aircraft certifications. (AFP pic)

NEW YORK: Boeing reported a US$5.4-billion third-quarter loss on Wednesday as massive added costs from the delayed certification of its 777X aircraft weighed down its results.

The aviation giant scored a 30% jump in revenues to US$23.3 billion following much higher commercial plane deliveries compared with the year-ago level.

But the performance was marred by a one-time charge of US$4.9 billion on the 777X program, which has faced a prolonged certification process with US air officials.

Chief Executive Kelly Ortberg pointed to the October approval by the Federal Aviation Administration of an increased monthly production rate on the 737 MAX as a sign of the company’s progress.

He also noted that Boeing generated positive free cash flow during the quarter, a benchmark closely watched by Wall Street.

But Ortberg said more work is still needed to turn Boeing around after a series of safety problems, including two fatal 737 MAX crashes in 2018 and 2019 that have led to more intense FAA scrutiny over new plane certifications.

Boeing has repeatedly pushed back the timeframe on the 777X. Under the latest shift, commercial deliveries will commence in 2027 from the prior 2026 timeframe.

“While we are disappointed in the 777X schedule delay, the airplane continues to perform well in flight testing, and we remain focused on the work ahead to complete our development programs and stabilise our operations in order to fully recover our company’s performance and restore trust with all of our stakeholders,” Ortberg said.

In 2020, Boeing booked a US$6.5 billion charge on the 777X, citing the lengthy FAA certification process and the pushing back of demand from airlines for the jet due to Covid-19.

Ortberg said there were no issues with the aircraft’s engine or airframe, but that the company had “fallen behind” schedule on FAA authorisations for testing, affecting Boeing’s ability to “fly and get certification credit,” he told CNBC.

There may be a “minor” impact on the process from the ongoing US government shutdown, “but clearly the government shutdown did not drive this charge,” Ortberg said.

In a message to employees, Ortberg said the company’s defense operation in St. Louis is “effectively executing our strike contingency plans” following the vote Sunday by more than 3,000 workers to reject the company’s latest contract offer.

Local Boeing officials in St. Louis have said the company is accelerating recruitment of replacement workers and welcoming back employees who cross the picket line. Union leaders have described Boeing as refusing to negotiate in good faith.

Shares of Boeing fell 4.1% in early trading.

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