Air transport: the road to recovery promises to be long and difficult for Boeing

The American aircraft manufacturer continues to suffer from the setbacks of its long-haul 787 Dreamliner and the group’s results are largely affected.

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Boeing released its second quarter results yesterday and it’s not brilliant, it’s worse than expected. Its turnover fell over one year by 2% to 17 billion dollars (16.6 billion euros) but the net profit, the money which really remains in the coffers, was divided by three to 160 million dollars (150 million euros). Admittedly, Boeing remains profitable, but very slightly and the decline is severe.

Form defects were discovered two years ago on the cabin and the stabilizers of the 787 Dreamliner. The American authorities have suspended the marketing of the device twice and deliveries have not resumed. The group must therefore continue to amortize the delays in terms of cash. To the five and a half billion euros already lost, an additional cost is estimated at more than two billion for this year. Very heavy to absorb in the accounts of the company already scalded by two air disasters in 2018 and 2019. Two crashes of the 737 Max which had resulted in the death of 346 passengers.

Glimmer of hope all the same in this very difficult context: the world air show which has just been held in Farnborough, in the United Kingdom, ended rather well for Boeing. The American aircraft manufacturer has even regained control of its major European competitor Airbus. It hadn’t happened for a long time. Nearly 300 orders for Boeing against only 85 for Airbus.

The European aircraft manufacturer has announced that it is lowering its delivery target for this year and pushing back its production ramp-up schedule. No approval problem this time but major difficulties in the supply chains due in particular to the pandemic and today the war in Ukraine which does not help.

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