The Boeing Company (NYSE: BA) reported its financial results for the quarter ended March 31, 2020 today. The bottom line was wider than the analysts’ expectations while the top-line missed consensus estimates.
Boeing slipped to a loss in the first quarter of 2020 from a profit last year, due to the impacts of COVID-19 and the 737 MAX grounding. As the pandemic continues to reduce airline passenger traffic, Boeing sees a significant impact on the demand for new commercial airplanes and services, with airlines delaying purchases for new jets, slowing delivery schedules, and deferring elective maintenance.
The company also announced leadership and organizational restructuring to streamline roles and responsibilities and plans to reduce overall staffing levels with a voluntary layoff program and additional workforce actions as necessary. Boeing believes it will be able to obtain sufficient liquidity to fund its operations.
The company is actively exploring all the available options for accessing the additional liquidity as this will be critical for Boeing and the aerospace manufacturing sector to bridge to recovery.
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