Boeing posts $3.3 billion loss on costs tied to defense programs

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<p>FILE - The logo for Boeing appears on a screen above a trading post on the floor of the New York Stock Exchange, Tuesday, July 13, 2021. Boeing is behind schedule in submitting documentation for new versions of its 737 Max jetliner, and it PHOTO CREDIT: The Associated Press' src='https://biztimes.biz/wp-content/uploads/2022/10/635928b6e29e7.image_.jpg'/>

FILE - The logo for Boeing appears on a screen above a trading post on the floor of the New York Stock Exchange, Tuesday, July 13, 2021. Boeing is behind schedule in submitting documentation for new versions of its 737 Max jetliner, and it's asking Congress for more time. Federal officials say Boeing has completed little of the work necessary to certify the new Max versions by a Dec. 31, 2022 deadline. (AP Photo/Richard Drew, file)

PHOTO CREDIT: The Associated Press
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Posted By: The Associated Press October 26, 2022

Boeing reported a $3.3 billion loss for the third quarter today, as revenue fell short of expectations, it took a huge losses 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.

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