The recovery of Boeing's commercial business depends in part on changing the way Washington approaches the treatment of manufacturing enterprises.
That doesn’t sound like an extravagant level of profitability; in fact, it sounds like a pretty mediocre performance compared with some other places investors might have put their money.During the preceding seven years of the decade, Boeing’s operating margin averaged 10% and its net profit margin averaged 6%.
2021 has been another difficult year for the company, with major reverses in its space business, lost opportunities for foreign fighter sales, and regulatory burdens afflicting each of its major commercial transport products. Today, the company’s beleaguered workforce might be forgiven for fearing that nothing is ever going to go right again.
Across the seven years prior to 2018, that rate averaged 27%, which helps explain why the company’s net profit margin was only 6% and the dividend yield seldom exceeded 2.5%. Boeing didn’t do that—despite the imperative to price competitively in global markets, it kept all of its jetliner production in America.
So, the notion that Boeing has nobody to blame but itself for the decline of its jetliner business is nonsense.
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