Spirit says it will slowly restart production work on 737 Max

Boeing Reports Loss Of $636 Million In 2019, First Annual Loss Since 1997

Boeing swings to annual loss as 737 MAX costs climb to S$25.9 bln

The planemaker was forced to ground its best-selling aircraft in March a year ago after two deadly crashes that killed 346 people. Boeing also raised estimated production costs for the program by $2.6 billion to reflect revised production and delivery assumptions.

Calhoun told CNBC on Wednesday he believes the company can meet the certification timeline. Earlier this week, the company sought and received more than $12 billion in financing commitments; earlier, it had signaled that it was looking for $10 billion in assistance.

Calhoun said in a prepared statement ahead of the call that Boeing is "focused on returning the 737 Max to service safely and restoring the long-standing trust that the Boeing brand represents with the flying public".

The American plane manufacturer lost $636 million in 2019, after a disappointing fourth quarter which saw a loss of $2.33 per share, the company announced on Wednesday.

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He also said Boeing expects to resume 737 MAX production months before its expected mid-year return to service. Revenues were down by 44% compared to 2018, as deliveries dropped from 800 to 380 throughout the year. Some good news for the company came last week when the much-delayed 777X finally flew.

At the earnings call Boeing confirmed that 787 production will be cut from 14 a month to 12/month in late 2020 and then to 10/month in early 2021. In another non-MAX development, Boeing set aside $410 million to cover costs of an additional uncrewed mission after the December NASA flight did not reach the International Space Station.

Calhoun, a General Electric Co. veteran and longtime Boeing board member, stepped into the top job on January 13 after Dennis Muilenburg was ousted in December.

Mr Calhoun said the crashes and resulting scrutiny from regulators mean the Max will be "the safest aircraft ever flown".

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USA airlines that own Max aircraft - Southwest, American and United - don't expect it back in service until after the peak of the summer travel season.

In the fourth quarter, Boeing swung to an adjusted loss of $2.33 a share, while Wall Street had been expecting a $1.32 profit.

Boeing burned through $2.2 billion in cash during the quarter.

Calhoun criticized company leaders who didn't disclose the messages right away. Boeing, however, plans to raise production back to 12/month in 2023. The planemaker said Wednesday that it will make another cut next year to 10 a month as it deals with slowing sales and lingering effects from U.S.

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The airline said in a memo that Boeing would not deliver the first of the planes until September or October at the earliest.

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