Boeing is reporting losses of $2.4 billion for the second quarter, and it's taking a more downbeat view about the airplane market because of the coronavirus outbreak.
FILE - In this Jan. 25, 2011, file photo, is the Boeing Company logo on the property in El Segundo, Calif. Safety regulators issued an emergency order on Thursday, July 23, 2020, directing airlines to inspect and if necessary replace a critical engine part on popular Boeing 737 jets after four reports of engines shutting down during flights. The Federal Aviation Administration said its order affected about 2,000 twin-engine passenger jets in the United States.
“The reality is the pandemic’s impact on the aviation sector continues to be severe," CEO David Calhoun said. “This pressure on our commercial customers means they are delaying jet purchases, slowing deliveries, deferring elective maintenance, retiring older aircraft and reducing spend — all of which affects our business and, ultimately, our bottom line.”
So far this year, Boeing deliveries of new airliners — a critical source of cash for the Chicago company — are down 71%. Boeing recorded 59 orders but 382 cancellations, mostly for the Max. Another 323 orders, also mostly for Max planes, were removed from Boeing’s backlog because of uncertainty about the deals going through.
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