Boeing Global Services reports loss due to coronavirus pandemic - Business Insider

As the COVID-19 pandemic continues to ravage the aviation industry, Boeing has added one of its most reliable sources of revenue — its bulwark against demand drops and other problems — to the loss column.

Boeing Global Services posted a $672 million loss for the quarter, a sharp reversal from the $687 million profit during the same quarter in 2019. That represents nearly one-third of the Global Services, which offers maintenance, data analytics, supply chain resources, and other services to current and former customers, provides an ongoing revenue stream after an airline or lessor purchases a plane.

services designed to increase efficiency and extend the economic lives of airplanes," Boeing wrote in its 2019 annual report for investors. "Airlines are using data analytics to plan flight operations and predictive maintenance to improve their productivity and efficiency. Airlines continue to look for opportunities to reduce the size and cost of their spare parts inventory, frequently outsourcing spares management to third parties.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

GE loses less cash than expected even as pandemic pummels earningsGeneral Electric Co lost less cash than estimated in the second quarter even as the coronavirus pandemic pummeled demand in its aviation business, resulting in a wider-than-expected quarterly loss. Losing less cash than expected is still a negative cash flow.
Source: Reuters - 🏆 2. / 97 Read more »

Lean and mean business strategy blew up during coronavirus pandemic - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Troubles abound, Boeing losses bloom to $2.4 billion in 2QBoeing is reporting losses of $2.4 billion for the second quarter, and it's taking a more downbeat view about the airplane market because of the coronavirus outbreak. I thought the CEO was more optimistic. It will take 3 years for much to recover for many
Source: ABC - 🏆 471. / 51 Read more »