Costly delays push Boeing to US$1.6b Q3 loss
By Daniel Lovering |
October 22, 2009, Thursday
|
Print Edition
Print Edition
AIRPLANE maker Boeing said yesterday it lost US$1.6 billion in its third quarter as charges from its delayed 787 and a new version of its 747 jumbo jet weighed down results. It also slashed its profit forecast for 2009.
Weak demand for air travel and cargo services has undermined demand for Boeing's jetliners since the global economy deteriorated late last year. Some customers have been forced to cancel or delay plans to buy new aircraft.
But Boeing, the world's second-largest commercial plane maker after Europe's Airbus, has had its own problems, too: production setbacks have delayed its eagerly awaited 787 and 747-8 jets, resulting in hefty charges.
The company said its quarterly loss amounted to US$2.23 per share. During the same period last year, Boeing earned US$695 million, or 96 US cents per share. A labor strike and problems with suppliers reduced year-earlier profit by 60 US cents per share and revenue by an estimated US$2.1 billion.
Revenue rose 9 percent to US$16.69 billion.
Analysts surveyed by Thomson Reuters, on average, expected a loss of US$2.12 per share on revenue of US$17.16 billion.
Wall Street estimates typically exclude one-time charges.
Weak demand for air travel and cargo services has undermined demand for Boeing's jetliners since the global economy deteriorated late last year. Some customers have been forced to cancel or delay plans to buy new aircraft.
But Boeing, the world's second-largest commercial plane maker after Europe's Airbus, has had its own problems, too: production setbacks have delayed its eagerly awaited 787 and 747-8 jets, resulting in hefty charges.
The company said its quarterly loss amounted to US$2.23 per share. During the same period last year, Boeing earned US$695 million, or 96 US cents per share. A labor strike and problems with suppliers reduced year-earlier profit by 60 US cents per share and revenue by an estimated US$2.1 billion.
Revenue rose 9 percent to US$16.69 billion.
Analysts surveyed by Thomson Reuters, on average, expected a loss of US$2.12 per share on revenue of US$17.16 billion.
Wall Street estimates typically exclude one-time charges.
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