Enlarge / A Garuda Indonesia 737-800. The airline is moving to cancel orders for the 737 MAX after the Lion Air and Ethiopian Airlines crashes. (credit: Boeing)

Boeing released its financial results for the first quarter of 2020, and as one might expect for a company that manufactures aircraft amid the COVID-19 pandemic, the numbers were not good.

The company reported revenues of $16.9 billion, down from $22.9 billion in the first quarter of 2019, and Boeing’s operating cash flow was a negative $4.3 billion. Boeing officials attributed the losses to the dual whammy of the effects of the global pandemic and the 737 Max aircraft grounding after two fatal accidents. US passenger volumes are down 95 percent compared to this time in 2019.

“We’re in an unprecedented period for the industry and the world,” chief executive David Calhoun said Wednesday during a call with investors. The global economic recovery will take years, not months, Calhoun said. “The COVID-19 pandemic is affecting every aspect of our business, including airline customer demand, production continuity, and supply chain stability.”