Boeing has posted an eyewatering $4.2bn loss in its latest quarter, as delays of its 787-carrier weight on the aircraft maker.
The company took a $3.5bn charge in the final three months of last year because of problems in addressing flaws in its 787 Dreamliner jet to meet the Federal Aviation Administration’s satisfaction.The Dreamliner costs racked up as the fixes for the double-aisle plane took longer than expected, Boeing explained in its quarterly update.
Deliveries of the carrier will be delayed by more than a year, which will burn a further $2bn hole in its funds over the next two years – bringing to final price tag for the delays up to $5.5bn.
“On the 787 program, we’re progressing through a comprehensive effort to ensure every airplane in our production system conforms to our exacting specifications,” Boeing boss David Calhoun said in a statement.
“While this continues to impact our near-term results, it is the right approach to building stability and predictability as demand returns for the long term,” he added.
“Across the enterprise, we remain focused on safety and quality as we deliver for our customers and invest in our people and in our sustainable future.”
Boeing pulled in $14.8bn in revenue in the fourth quarter of 2021, which dipped below analyst forecasts. While operating cash flow came in at $716m.