Boeing loses $3.3 billion in defence, commercial businesses
- Boeing posted a $3.3-billion loss for the third quarter on Wednesday, October 26, as revenue fell short of projections. It lost big on fixed-cost defence programmes and commercial aeroplanes.
- CEO David Calhoun said Boeing remains in a “difficult environment” and has more work ahead to deliver stability. The adjusted loss amounted to $6.18 per share on revenue of $15.96 billion. Analysts had anticipated the corporation to earn 13 cents per share and report revenue of $17.91 billion.
- Revenue in Boeing’s generally stable defence and space division plummeted by 20 percent, and it suffered $2.8 billion in losses for higher expected manufacturing and supply chain costs on a military refuelling tanker, Air Force One and other programmes.