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HomeMarketResultsBoeing posts $3.3 billion loss on costs tied to defence programmes

Boeing posts $3.3 billion loss on costs tied to defence programmes

reported a USD 3.3 billion loss for the third quarter on Wednesday, as revenue fell short of expectations, it took a huge losses for fixed-cost defence programmes and its commercial-airplane business struggled.

CEO David Calhoun said remains in a “challenging environment” and has more work ahead to drive stability”.

The adjusted loss amounted to USD 6.18 per share on revenue of USD 15.96 billion. Analysts had expected the company to earn 13 cents per share and post revenue of USD 17.91 billion.

Revenue in Boeing’s normally consistent defence and space business tumbled by 20 per cent, and it suffered USD 2.8 billion in losses for higher estimated manufacturing and supply chain costs on a military refuelling tanker, Air Force One and other programmes.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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