Boeing, in decline, with the support of Washington

Boeing, in decline, with the support of Washington

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The Boeing logo on display on the New York Stock Exchange, July 13, 2021. The announcement of losses of $ 1.24 billion in the first quarter on April 17, 2022 led the share price to plunge into the financial markets.

Another dead loss for Boeing. The American aircraft manufacturer announced, on the occasion of the publication of its quarterly results, on Wednesday, April 27, a hole of 1.2 billion dollars (approximately 1.13 billion euros). A new setback that was difficult to assess by the financial markets, which imposed sanctions on the manufacturer whose action lost 7.53% at the close of the New York Stock Exchange.

It must be said that the results of commercial aviation are in constant decline. Revenue for the first quarter was $ 4.2 billion. Slightly lower compared to the same period last year. But in a free fall compared to 2018, the last good year for the American group. This year, “Boeing Commercial Aviation has reached its peak, with annual revenues of $ 60 billion”, recalls Stéphane Albernhe, president of Archery Strategy Consulting. Since then, the fall has been spectacular. In 2020, revenues for commercial aircraft did not exceed $ 16 billion. He had recovered a little, in 2021, to flirt with 20 billion.

Read also This article is for our subscribers Boeing in the red for the third consecutive year

Delays and negligence

The long hours of Boeing seem like a distant memory. Since the release of the Dreamliner 787 long-haul in 2011, the American aircraft manufacturer has had a number of failures with all of its commercial aircraft programs subsequently developed. Just a year after its launch, the 787 was stranded for three months by aviation authorities due to battery problems that caught fire during the flight. Eleven years after its flight, the plane has not yet found its profitability. Available on the market in 2017, the 737 MAX Medium-Range was immobilized for twenty-two months, following two air disasters, in 2018 and 2019, which killed 346 passengers and crew. Approved in Europe again in January 2021, it received the green light from the Chinese authorities just one year later.

Also read the archive (2013): This article is for our subscribers Dreamliner’s misfortunes could be detrimental to A350, its future competitor

Finally, Boeing’s brand new wide-angle 777X long-distance body is in trouble. While the first deliveries were scheduled for 2020, delays are accumulating. Customers will also need to be patient, as Boeing has just announced an additional postponement of first deliveries, now scheduled for 2025. A deadline to meet the requirements of the United States Federal Aviation Administration (FAA). It could have a lot to do. Starting a race for profit and dividends, Boeing is accumulating negligence. Thus, on the occasion of the production of the KC-46 aircraft tanker, “Tools and rags have been” forgotten “in inaccessible parts of the device”, mourns Mr. Albernhe. Worse, “Even metal shavings were discovered in electrical zones, which could create dangers for the plane”he adds.

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