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Boeing reports $1.2 bn loss on 777X delay, Russia costs
The big US aerospace company now expects first deliveries of the 777X in 2025, resulting in a $1.5 billion hit to earnings. Results were also dented by costs of $1 billion connected to Air Force One and a second military aircraft, the T-7 Red Hawk, and $212 million related to the conflict in Ukraine.
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In this file photo the Boeing logo is pictured at its Renton Factory, where the Boeing 737 MAX airliners are built in Renton, Washington on April 20, 2020. Boeing's head said on Monday that restoring the dividend could take three-to-five years as the company girds for a slow air travel recovery in the wake of the coronavirus crisis. (AFP/Jason Redmond)
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oeing reported a $1.2 billion first-quarter loss Wednesday, hit by a series of new one-time costs on its Russia business, the Air Force One presidential jet and the new 777X plane.
The big US aerospace company now expects first deliveries of the 777X in 2025, resulting in a $1.5 billion hit to earnings. Results were also dented by costs of $1 billion connected to Air Force One and a second military aircraft, the T-7 Red Hawk, and $212 million related to the conflict in Ukraine.
The loss marks the latest round of disappointing results for the commercial jet maker, which has also suspended deliveries of its 787 jet due to a series of production issues.
Revenues came in at $14 billion, down eight percent, and -- as with profits -- missing analyst estimates.
Work on the 777X began in 2013, but the timeframe has been repeatedly pushed back as Boeing works to address certification questions from US air safety regulators. Under the most recent schedule prior to Wednesday's deliveries, Boeing was to commence deliveries in late 2023.
Shares tumbled 4.2 percent to $160.10 in pre-market trading.
