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Friday, April 19, 2024

Boeing reports first profit in two years

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An increase in global vaccinations and a revival in travel bookings fueled purchases of Boeing’s 737 MAX.

Boeing’s net operating profit for the second quarter of 2021 was $755 million on June 30, 2021, following a $3.32 billion loss in 2020.

Analysts projected Boeing to announce a quarterly loss of $454.8 million, according to Refinitiv IBES data. As Boeing disclosed on July 28, 2021, revenue climbed by 44 percent, totaling over $17 billion.

Boeing indicates that the 737 MAX is critical to the company’s financial turnaround.

The American planemaker is now producing 16 737 MAXs per month and aims to increase production to 31 per month by early 2022.

Earlier in 2021, the corporation announced plans to shed about 130,000 positions by the end of the year. Boeing’s CEO, David Calhoun, has stated that the business intends to retain approximately 140,000 employees.

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