Boeing posts $3.3B loss on costs tied to defense programs
Boeing is reporting a $3.3 billion loss for the third quarter because of higher costs related to several government programs including building new Air Force One presidential planes
By The Associated Press
Published - Oct 26, 2022, 08:04 AM ET
Last Updated - Jun 24, 2023, 01:24 AM EDT
Boeing reported a $3.3 billion loss for the third quarter Wednesday, as revenue fell short of expectations, it took a huge loss for fixed-cost defense programs and its commercial-airplane business struggled.
CEO David Calhoun said Boeing remains in a "challenging environment" and has “more work ahead to drive stability."
The adjusted loss amounted to $6.18 per share on revenue of $15.96 billion. Analysts had expected the company to earn 13 cents per share and post revenue of $17.91 billion.
Revenue in Boeing's normally consistent defense and space business tumbled by 20%, and it suffered $2.8 billion in losses for higher estimated manufacturing and supply chain costs on a military refueling tanker, Air Force One and other programs.
