David Calhoun tells plane maker’s shareholders he doesn’t expect air travel to return to 2019 levels for two or three years

Air traffic may not bounce back for two or three years, Boeing Co. BA -0.23% Chief Executive David Calhoun said, outlining the tough outlook for global aviation to the plane maker’s shareholders on Monday.

“The health crisis is unlike anything we have ever experienced,” Mr. Calhoun said at the annual meeting. “It will be years before this returns to pre-pandemic levels.”

Mr. Calhoun laid out the coronavirus pandemic’s toll on the industry: Global airline revenues are set to drop by $314 billion this year. In the U.S., more than 2,800 planes are idled. Passenger demand is down 95% from last year.

“We are in an unpredictable and fast-changing environment, and it is difficult to estimate when the situation will stabilize,” he added. “But when it does, the commercial market will be smaller and our customers’ needs will be different.”

Excerpt from WSJ
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