Investing.com – The full extent of the cost for Boeing (NYSE:) due to the grounding of its best selling plane, the 737 Max, was laid bare in its fourth quarterly results Wednesday, with the company posting its first annual loss in more than two decades.
Boeing (NYSE:) announced a loss per share of $2.33 on revenue of $17.91 billion, a drop of 37%, in the fourth quarter. Analysts polled by Investing.com anticipated earnings per share of $0.6 on revenue of $21.65 billion. The company also detailed the cost associated with the grounding of the series, taking a total charge of $18.6 billion.
Boeing (NYSE:) shares lost over 2% in pre-market trade following the report, and are down over 29% from its 52 week set on March 1, 2019.
Boeing (NYSE:) shares are down 2% from the beginning of the year and are trading at $310.00 , still down 29.02% from its 52 week high of $446.01 set on March 1, 2019. They are under-performing the which is up 0.95% year to date.
“We recognize we have a lot of work to do,” said Boeing President and Chief Executive Officer David Calhoun. “We are focused on returning the 737 MAX to service safely and restoring the long-standing trust that the Boeing brand represents with the flying public.”
Boeing follows other major Capital Goods sector earnings this month
Boeing’s report follows an earnings beat by United Technologies on Tuesday, who reported EPS of $1.94 on revenue of $19.55B, compared to forecasts EPS of $1.84 on revenue of $19.4B.
ASML ADR had missed expectations on January 22 with fourth quarter EPS of $2.99 on revenue of $4.47B, compared to forecast for EPS of $3.01 on revenue of $4.35B.
Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com’s earnings calendar
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