Coronavirus | Boeing loses $353 million in first-quarter loss

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January 28 -- Boeing reported a smaller quarterly loss on Wednesday as jet deliveries increased due to the rebound in air travel from the Coronavirus pandemic, though the U.S. aircraftmaker registered a charge on its Presidential Program with Air Force One.

Airlines have increased flight capacity as rising vaccination rates make travelers confident about their future.

Boeing has delivered more than 85 737 MAX jetliners after it was cleared by most regulators to return service late last year after two fatal crashes, lifting revenue and cash flow at the planemaker.

But the 737 MAX remain grounded in the rebounding China market, where Boeing has been exposed to long-simmering geopolitical tensions that continue under U.S. President Joe Biden.

A new electric problem found on some models of the jet earlier this month also cast a shadow on Boeing's newly approved plans to increase production of 737 MAX to 31 aircraft per month by early 2022. Boeing awaiting repairs has pulled hundreds of 737 MAX planes from service, awaiting repair as Airlines finds a fix.

While the worldwide pandemic continues to challenge the global market environment, we view 2021 as a key inflection point for our industry, said Chief Executive Dave Calhoun in a statement accompanying Boeing's results.

Boeing also consolidated production of five Boeing 787 jetliners per month after seeing production in its South Carolina factory drastically reduced.

This is due to the pandemic's impact on longer haul passenger travel and a growing price tag for 787 retrofits due to production defects embedded in dozens of advanced carbon-composite jetliners.

Meanwhile, despite certification and design challenges, it expects to deliver the new 777 X mini jumbo in late 2023 with a combined output of the first 777 X and its 777 legacy model of two a month.

The United States airline maker reported a first quarter loss of $353 million compared to a loss of $1.70 billion the year before.

Boeing said in the quarter it recorded a pre-tax charge of $318 million related to a presidential fleet of Air Force One, based on its Boeing 747 - 8 jet.

On Monday, the Air Force One subcontractor GDCGDC Technics filed for bankruptcy after Boeing canceled its contracts.

Boeing sued Texas-based GDC earlier this month for not finishing interior work on the two heavily modified 747-8 Air Force One planes. GDC demanded the planemaker last week a 20 million dollar refund for cancelling the contracts.

From the plus side it also completed a hot-fire engine test on the new SLS rocket of NASA and started production of the new trainer jet of the U.S. Air ForceU.S. Air Force. When are you ready to retire at the age of twenty?

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