Boeing Posts Loss

The 787 cost reclassification and the 747 charge for increased costs overshadowed a solid performance across the commercial defense business, says CEO.

Boeing on Oct. 21 announced worse than expected quarterly figures, posting a loss of $1.56 billion on one-time charges to modify its 787 Dreamliner and the new version of its 747 jumbo jet.

Although the charges had been previously announced, the loss amounting to $2.23 per share was steeper than anticipated by analysts.

Revenues in the third quarter, up 9.1% at $16.7 billion, were also below market expectations.

"The 787 cost reclassification and the 747 charge for increased costs and difficult market conditions clearly overshadowed what continues to be otherwise solid performance across our commercial production programs and defense business," said Boeing CEO Jim McNerney.

"We look forward to getting the 787 and 747-8 in the air soon and moving forward with flight test and certification for these two important programs."

Copyright Agence France-Presse, 2009

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