Boeing reports $1.6 billion loss for Q3
22 Oct 2009
Kuala Lumpur: The Boeing Company has reported a third-quarter net loss of $1.6 billion even as revenue rose nine per cent to $16.7 billion. The results reflect the previously announced re-classification to research and development of costs incurred for the first three 787 flight-test airplanes and the 747 jumbo jet.
The loss incurred on these programmes was partially offset by solid performance in other commercial airplane programmes as well as the company's defence business.
The company said in a statement that last year's strike and supplier production problems impacted revenue by an estimated $2.1 billion.
Revenue for the first nine months of 2009 was up four per cent, to $50.3 billion, due to higher commercial deliveries and growth in the defence segment.
"The 787 cost reclassification and the 747 charge for increased costs and difficult market conditions clearly overshadowed what continues to be otherwise solid performance across our commercial production programs and defence business," said Boeing chairman, president and chief executive officer Jim McNerney.
"We look forward to getting the 787 and 747-8 in the air soon and moving forward with flight tests and certification for these two important programs," he added.
